Bank of America used its 31st Annual Financials CEO Conference in London on Sept. 23 to detail a multi‑year growth strategy. Co‑President Jim DeMare noted that the bank now serves roughly 70 million global clients, including 46,000 banking clients and 4.2 million consumer‑investment customers out of a total of 9 million consumer banking users.
Payments activity runs at about $500 trillion annually, and the bank reaches roughly 3.4 million of the 3.9 million U.S. small businesses it classifies as its largest employer base. Around 70% of traditional consumer banking clients also hold a Bank of America credit card.
DeMare cited U.S. nominal GDP growth nearing 7% and a more evenly spread K‑shaped recovery, with wage growth in the lowest income tercile now outpacing higher brackets. Deposit balances remain elevated across all client segments.
In investment banking, the bank has hired 34‑35 managing directors this year, including 10‑12 in industry groups, a similar number internationally—mainly in London—and several focused on M&A. Internationally, the bank sees a $4 billion revenue opportunity that could generate about $2 billion of pre‑tax income, targeting an 18% return on allocated capital (the corporate range is 16%‑18%).
Wealth management aims to grow net assets 4%‑5% annually, with consumer‑investment assets at $600 billion and a $1 trillion target. The trainee program brings in roughly 2,500 participants each year, contributing about a quarter of new business, while adviser hiring is accelerating, with assets tied to new hires running near double expectations.
AI deployment now reaches about 200,000 employees, with adoption rates of 90%‑95%. Among 19,000‑20,000 developers, coding productivity has risen 15%‑20% after a seven‑year technology modernization effort. The bank’s technology priorities remain system availability, cybersecurity, platform architecture, organic growth support and competitive positioning.
Capital deployment continues to prioritize balance‑sheet strength, strategic growth, dividend increases and share repurchases. Current metrics show a price‑to‑earnings ratio of 13.04, market capitalization of $393 billion, a dividend yield of 2.28% and a 12‑year streak of dividend hikes.
