Bank of America Corp at Bank of America Financials CEO Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Antonio Reale - Bofa Merrill Lynch Asset Holdings Inc - Analyst : So maybe we'll start from there. I mean, obviously, Bank of America has a great insight into the US consumer. We're handling nearly $4.5 trillion in payments annually, as well as into US businesses as the largest C&I lender. Can you give us an update on the health of the US consumer and business sentiment in general?

Question: Antonio Reale - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Right. Now, you and Brian spent a lot of time around the world, seeing clients, spending time with our global network, and that obviously speaks to the international presence of the bank. Now, are you hearing anything different from international clients?

Question: Antonio Reale - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Now, maybe also as a way to sort of give the audience an overview. You can give us a couple of reasons why you think our franchise is truly differentiated from other US banks. And maybe we can start with sort of the institutional clients and their activities. And over the past few years, we've been investing in the global markets business, which is a large part of the international franchise. And what benefits have you seen from these investments and what further growth opportunities would you see ahead for business?

Question: Antonio Reale - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Let's go now on the banking side, we've heard, as you mentioned, that there are some strategic areas to focus helping gain share, and the middle market investment banking is clearly focused. What are the growth opportunities and areas of investment do you see for this business?

Question: Antonio Reale - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Yes.

Question: Antonio Reale - Bofa Merrill Lynch Asset Holdings Inc - Analyst : That's very clear. And I know many of our European client base don't appreciate as much or have a feel for how much -- how such a large national bank competes locally in US markets. So maybe you could kind of discuss that further and tell us how we leverage the local markets organization in the US to ensure that we deliver a unified company at the local level and drive sort of market share gains across businesses?

Question: Antonio Reale - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Now, one focus that is obviously very important for this year at our conference is how European banks have managed to cover some ground versus European versus US bank's profitability. Now, where the gap is still very large, is, of course, on investments in technology. Now, Bank of America is a leader in US digital banking and digital adoption when it comes to digital infrastructure, it continues to grow. How do you see digital banking evolve in the near future? And how important are physical locations to the bank's relationship-focused strategy? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 16, 2025 / 12:15PM, BAC.N - Bank of America Corp at Bank of America Financials CEO Conference

Question: Antonio Reale - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Now, AI --

Question: Antonio Reale - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Thanks for that. Now AI, of course, has been a key theme, I would say, across industries. Now how do you see that impacting the banking industry going forward? And more importantly, how are we addressing that the opportunity that this new technology brings?

Question: Antonio Reale - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Now cost covered the investments for growth and efficiencies and all the investments in technology and AI. Now, how do you combine these investments for growth while ensuring that expenses remain under check and you remain disciplined, which you require to deliver sort of the operational leverage in the business?

Question: Antonio Reale - Bofa Merrill Lynch Asset Holdings Inc - Analyst : That's super clear. Thanks. Now, we've heard a lot about the opportunities that stablecoin presents. Now, what's your view on that and how are you sort of managing the changing payments landscape?

Question: Antonio Reale - Bofa Merrill Lynch Asset Holdings Inc - Analyst : One another important point, I think, which is a debate also for European banks, but at least for global banks really and it affects the sort of the level playing field around capital. We talked about the IT and the gap that exists between European banks and US banks. And other focus points, of course, is capital and regulation. And we take the opportunity to ask you sort of what's the latest you've heard in regard to the US regulatory proposal? And what impact would you expect that this will have on Bank of America?

Question: Antonio Reale - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Thanks for that. That's super useful color. Now, obviously, capital requirements are set to decline. And now how you think about managing the bank's excess capital as a result?

Question: Antonio Reale - Bofa Merrill Lynch Asset Holdings Inc - Analyst : It's the power to have. Now we've covered, of course, s lot of ground around the outlook for the business and investments. And is there anything more near term for Q3 that you'd like to talk about? Like NII expenses and capital markets activity, how those are evolving more near term?

Question: Antonio Reale - Bofa Merrill Lynch Asset Holdings Inc - Analyst : That's great. Now, Alastair will stay with us for a few meetings today in London, so you'll get a chance to sort of ask any additional questions. In the group meetings, I want to thank Alastair very much for joining us once again for our 30-year anniversary conference, and thanks for all of you to joining and listen.