Bank of America Corp at Barclays Global Financial Services Conference Transcript

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

Question: Jason Goldberg - Barclays Services Corp - Analyst : But interestingly, the number one question is its Investor Day. It's been 15 years since Bank of America's last Investor Day. Why now? What are you hoping to accomplish? And maybe kind of what do you want us to learn?

Question: Jason Goldberg - Barclays Services Corp - Analyst : Got it. We'll be there. 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 08, 2025 / 6:00PM, BAC.N - Bank of America Corp at Barclays Global Financial Services Conference

Question: Jason Goldberg - Barclays Services Corp - Analyst : Maybe kind of start big picture, maybe start with the consumer. You guys have probably some of the best data out there serving almost 70 million consumer small business clients. You obviously have the wealth management franchise. Maybe just talk to in terms of what you're seeing Friday is not (inaudible) payroll numbers seem to spook some people. There's kind of cross-current of activity there. Just any observations, I think we'd appreciate.

Question: Jason Goldberg - Barclays Services Corp - Analyst : Got it. And maybe just on the wholesale side, there are to between tariff and trade policy uncertainties and the like? And what are you seeing hearing on that front?

Question: Jason Goldberg - Barclays Services Corp - Analyst : Got it. And maybe just take -- translate that into -- in terms of loan growth. I mean, despite kind of these uncertainties, BAC has kind of been an outperformer there. It was up 7% year over year in the second quarter. Every segment is seeing higher balances on a year-over-year and linked quarter basis. Maybe talk to kind of what's driving this growth? What's differentiating you? And just how do you think that translates to the back half of the year? 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 08, 2025 / 6:00PM, BAC.N - Bank of America Corp at Barclays Global Financial Services Conference

Question: Jason Goldberg - Barclays Services Corp - Analyst : And just maybe just on deposits, while we're here. You've seen steady growth, I think, eight consecutive quarters of average sequential deposit growth. Just how do you view the growth going forward? And what impact do you see on deposit balances cost, particularly the Fed maybe cuts next week, as people tell me they will?

Question: Jason Goldberg - Barclays Services Corp - Analyst : We're going to come back to NII forecasting.

Question: Jason Goldberg - Barclays Services Corp - Analyst : But I just want to maybe pull up for a second and just talk about kind of maybe the biggest growth opportunities for Bank of America. Where you're investing to drive growth? And just maybe we think about it kind of consumer bank, wealth management, and global banking and markets, maybe just kind of one or two of your most favorite growth initiatives in each?

Question: Jason Goldberg - Barclays Services Corp - Analyst : So a lot there, and I want to delve into all of it, but I appreciate. We don't have the time (inaudible) Investor Day. But one thing you touched on, which is AI. You obviously invested there. There's a lot of use cases, a lot of patents. Maybe just kind of update us on some of your investments there and just how that could drive some of these efficiencies you touched on?

Question: Jason Goldberg - Barclays Services Corp - Analyst : Got it. All right. Now maybe flipping to financials where put up the next ARS question. But loan and deposit growth plus fixed rate repricing of assets and cash flow swaps, you talked about in NII in Q4 of $15.5 billion to $15.7 billion. I guess, first off, do you feel good about that? And then maybe help us determine kind of which factors do you think will determine kind of higher or upper end of that range? And just maybe beyond the next couple of quarters just how you think we should think about NII looking further out?

Question: Jason Goldberg - Barclays Services Corp - Analyst : It's interesting if you look at the audience. After NII up 7% to 8%, which is your guidance for Q4, '25 year over year, they see it slowing to 4% to 6%, at least to most people 4Q '26. We will see.

Question: Jason Goldberg - Barclays Services Corp - Analyst : I guess we talked about NII. Just maybe just talk about NIM over time. Your NIM is running -- I think it was [1.94% last quarter. In the past, you talked about 2.20%, 2.30%]. If I take my model and just replace this quarter's NIM with that NIM, my ROE goes up quite handsomely. Just how do you think about that?

Question: Jason Goldberg - Barclays Services Corp - Analyst : Got it. And maybe on the fee side, you've put up some pretty good fee growth. Maybe talk to the primary drivers of that? And then maybe kind of third quarter update of what you're seeing? You mentioned year-over-year up in markets, but I'd love to delve more into that. 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 08, 2025 / 6:00PM, BAC.N - Bank of America Corp at Barclays Global Financial Services Conference

Question: Jason Goldberg - Barclays Services Corp - Analyst : I guess with that being said, no good deed goes unpunished. So how does that translate on to the expense side of the house? Just talk to in terms of maybe near-term expenses. And then we can talk about looking out.

Question: Jason Goldberg - Barclays Services Corp - Analyst : That's fair. And I think (multiple speakers)--

Question: Jason Goldberg - Barclays Services Corp - Analyst : Right. No, that makes sense. 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 08, 2025 / 6:00PM, BAC.N - Bank of America Corp at Barclays Global Financial Services Conference And I think you touched on this, potentially, you could see expenses seasonally lower in Q4. Is that still on the table or just because of this fee momentum (multiple speakers)--

Question: Jason Goldberg - Barclays Services Corp - Analyst : Right. And I guess on the investment banking front, it feels like a really good quarter. I just -- how to feel about that some people feel like this could be like a multi-quarter kind of come back for investment banking, given the pickup we've seen in M&A and IPO activity. Just kind of your thoughts on just despite the fact realizing revenues where pipeline stand? And also just on markets, any particular color between equities, FICC, and the like?

Question: Jason Goldberg - Barclays Services Corp - Analyst : Got it. Earlier, when we kind of talked to macro, you touched on consumer credit quality and office CRE. Any other areas of concern out there?

Question: Jason Goldberg - Barclays Services Corp - Analyst : And, I guess, we've seen -- Bank of America obviously makes a lot of money. And it's -- and on top of that, you have excess capital. You can make more capital. Capital requirements are coming down at least kind of post this year's stress test and maybe even further. Just talk about how you're thinking about deploying that capital?

Question: Jason Goldberg - Barclays Services Corp - Analyst : I guess, on that front, maybe you could talk about your thoughts around just capital in the regulatory environment based on what we've seen, what you expect, what do you think are the most kind of impactful regulatory changes regulators can make more broadly?

Question: Jason Goldberg - Barclays Services Corp - Analyst : Helpful. If we could skip to the fourth ARS question, you can skip the third one, just put up the fourth. But why they put that up. In the past, Bank of America's pointed to kind of a mid-teens ROTCE, and we talked about the NIM improving driving that higher. Is that the biggest factor? And kind of what other factors should we consider when thinking about how ROTCE can improve in the near and longer term?

Question: Jason Goldberg - Barclays Services Corp - Analyst : And is 15% kind of the stopping point or?

Question: Jason Goldberg - Barclays Services Corp - Analyst : Good answer. We got up ARS question number four. When you get a chance, you skip number three. I'm not sure if the audience has any questions (technical difficulty) like that. I think there's one in the front here. Right there.

Question: Jason Goldberg - Barclays Services Corp - Analyst : Also, I want to give you a chance to respond because the question to the audience was why do you think Bank of America's share price performance has lagged as G-SIB (inaudible). The number one response was relatively large HCM -- unrealized HCM losses, which to my knowledge every single security to date is mature to par pretty much. And I think you'd expect every other security mature parts (laughter). Maybe just talk to how that dynamic plays out?

Question: Jason Goldberg - Barclays Services Corp - Analyst : A couple of more minutes. I'm not sure if there's any other questions from the audience. I guess something I wanted to ask about earlier is maybe you touched on it, but just maybe just give an update on your kind of payment strategy and how your offerings are driving the business? And just how you're thinking about this evolving landscape? Stablecoin is something that's been coming up a bit. Just your thoughts there?

Question: Jason Goldberg - Barclays Services Corp - Analyst : Great. On that note, please join me in thanking Alastair for his time today.