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1、ANNUAL REPORT 2022ANNUAL REPORT 2022 Table of Contents 14 Eight Lines of Business Our eight lines of 14 business Retail Banking 16 Preferred Banking 18 Merrill 20 Private Bank 22 Business Banking 24 Global Commercial 26 Banking Global Corporate&28 Investment Banking Global Markets 30 32 Local&Digita
2、l Spotlights Local Markets 32 Organization Digital capabilities 34 02 Company Performance A letter from Chair 02 and CEO Brian Moynihan Letter from Lead 11 Independent Director Board of Directors 12 and Executive Management Team 36 Community Impact Diverse entrepreneurs 36 Sustainable fnance 38 Jobs
3、 initiatives 39 Other highlights 40 42 Human Capital Management Update A letter from 42 Sheri Bronstein Benefts overview 44 Talent&development 48 Diversity&inclusion 50 Employee 54 engagement&workforce metrics 58 Miscellaneous&Appendix Financial highlights 58 Recognition 59 Stakeholder 60 Capitalism
4、 Metrics 2022 Financial 71 Review BANK OF AMERICA 2022|1 Company Performance 2|BANK OF AMERICA 2022 A letter from Chair and CEO Brian Moynihan To our shareholders,Our company adopted Responsible Growth in 2014,and fully discussed its core tenets in our Annual Report the following year.These tenets h
5、ave served as the foundation for our strong performance and progress.We have seen Responsible Growth work in the relative calm of 2015 to 2019,the pandemic tumult of 2020 and 2021,and the infationary period of 2022.In each of these periods,our company benefted from our long-term consistency and adhe
6、rence to the tenets of Responsible Growth.Responsible Growth has served us well under varied conditions The core tenets of Responsible Growth have served our company and you,our shareholders,well during good times and stress.Responsible Growth served us well through the period from 2015 to 2019,when
7、 the economies of the world settled into normalized growth rates and interest rates rose in the U.S.with the Federal Reserves tightening cycle.As the pandemic hit in early 2020,a major economic crisis ensued and your company performed well once again,even as we met our clients borrowing demands,buil
8、t reserves,traded through uncertain markets,and helped our employees,clients and our communities deal with the pandemic and its afermath.Again,Responsible Growth served us well.During 2022,the U.S.and the world continued to face civil tensions from the pandemic and lockdowns,social and racial confic
9、ts,a war in Europe and energy supply disruptions,and infation.Responsible Growth 1.Win in the market,no excuses.2.Grow with a customer-focused strategy.3.Grow with the right risk principles.4.Grow in a sustainable manner:Be the best place to work,share our success with our communities and drive Oper
10、ational Excellence.The strength of our balance sheet,risk management,organic growth,and expense management became a catalyst that drove our fnancial performance.Lets take a look at highlights of our performance in each of these periods,beginning with 2015 to 2019 as the U.S.economy set a record for
11、one of the longest periods of economic growth.The Federal Reserve started a tightening cycle in 2016,raising interest rates refecting the strength of the U.S.economy.Heres how we did:YE 2015 YE 2019%change Loans$897 B$983 B 10%Deposits$1.2 T$1.4 T 20%Net interest income$39.0 B$49.0 B 25%Expenses$57.
12、6 B$54.9 B-5%Net charge-offs$4.3 B$3.6 B-16%Earnings$15.9 B$27.4 B 72%Headcount 216 K 208 K-4%Number of shares 10.4 B 8.8 B-15%Book value per share$22.53$27.32 21%Active digital customers 32 MM 38 MM 21%Customer satisfaction 74%85%15%Employee satisfaction 76%*85%12%Then came the pandemic,which broug
13、ht with it 15%U.S.unemployment,a 30%drop in U.S.GDP annualized growth rate,huge fscal stimuli,supply chain disruptions,and an instantaneous drop to 0%rates.Afer the recovery was assured by early 2021,a period of infation set in resulting in the steepest interest rate increase path we have seen in th
14、e U.S.in the past 40 years.Here is how the company performed from 2019 to 2022:YE 2019 YE 2022%change Loans$983 B$1.0 T 6%Deposits$1.4 T$1.9 T 35%Net interest income$49.0 B$52.5 B 7%Expenses$54.9 B$61.4 B 12%Net charge-offs$3.6 B$2.2 B-40%Earnings$27.4 B$27.5 B 0%Headcount 208 K 217 K 4%Number of sh
15、ares 8.8 B 8.0 B-9%Book value per share$27.32$30.61 12%Active digital customers 38 MM 44 MM 15%Customer satisfaction 85%87%2%Employee satisfaction 85%85%0%As a side note,the total cumulative charge-ofs at Bank of America from 2015 to 2022,refecting Responsible Growth,were less than the charge-ofs re
16、corded in the single year 2010 despite a recession,a pandemic,unprecedented monetary policy changes,and war occurring in these years.8 consecutive years of more than$15B in net income We are positioned well for the future.In the post-pandemic period we have reestablished our organic growth engine.Fo
17、r the entirety of the period from 2015 to 2022,we have seen the stock price double;we have produced$185 billion in afer-tax earnings;and we have invested heavily in our franchise to better serve our customers and clients.Responsible Growth worked in all those environments and produced strong results
18、 on an enormous scale.A simple way to think about this is only four U.S.companies have earned more than$15 billion in GAAP afer-tax income in each of these eight years.Your company is one of them.More importantly,we are positioned well for the future.In the post-pandemic period we have reestablished
19、 our organic growth engine.We have delivered revenue growth,while controlling expense,in a highly volatile environment.You will note increased costs for 2019 to 2022 above.First,we had cost increases for special pandemic programs and to take care of our team.Then,infation added to costs.But in the e
20、nd,we have just delivered our sixth straight quarter of operating leverage in the fourth quarter of 2022.We have strong credit quality,capital ratios in excess of constantly increased regulatory minimums,a highly-respected brand,high employee satisfaction and loyalty,and incredible customers we are
21、honored to serve.We have built and improved upon digital capabilities across every line of business to serve these customers,which embed the most efective capabilities of a fntech into the strength and stability of a well-regulated company.While we review and learn from the past,we dont live there.W
22、hat we are excited about is how our proven operating model sets us up for the future.Our team relishes the work ahead to continue to deliver for you.So,as we look forward to the years ahead,we are poised to continue to drive Responsible Growth,no matter what comes at us.$15.9$17.8$18.2$28.1$27.4$17.
23、9$32.0$27.5($Billions)2015 2016 2017 2018 2019 2020 2021 2022*2014 Employee Engagement Index Score;survey was not conducted in 2015 Source:FactSet and SNL Financial.Reflects calendar year net income.BANK OF AMERICA 2022|3*Pre-tax,pre-provision income is a non-GAAP financial measure calculated by adj
24、usting consolidated pre-tax income to add back provision for credit loss.For 2022 and 2021,reported pre-tax income was$31.0 billion and$34.0 billion,and reported provision(benefit)for credit losses was$2.5 billion and$(4.6)billion,resulting in pre-tax,pre-provision income of$33.5 billion and$29.4 bi
25、llion.Thank you to our Team and our Directors Before I share more highlights of our results in 2022,I want to thank my Management Team and our Board of Directors for continuing to represent the needs of our clients,teammates,shareholders,and the communities we serve.You will see more about these lea
26、ders on pages 12 and 13.I especially want to recognize Lead Independent Director Lionel Nowell,who was named as“Independent Director of the Year”by Corporate Board Member magazine.Lionel shares his perspective on our company on page 11.We welcomed Jos(Joe)E.Almeida,who joined your Board in September
27、.We also give our appreciation to David Yost,a director since 2012,who is retiring due to age guidelines and will not stand for reelection at our annual shareholders meeting.We thank Dave for his leadership,oversight,and prudent stewardship.Thank you as well to my 217,000 teammates who join me every
28、 day at our company to fulfll our purpose of making fnancial lives better.In a year that began with many of us once again working from home,we are pleased to have our teammates back together,collaborating in person to serve our clients and deliver the full breadth of our capabilities,as youll see hi
29、ghlighted throughout this Annual Report.A deeper look at 2022 In 2022,we earned$27.5 billion afer-tax,a decline from our record-level earnings in 2021,primarily due to increases in credit costs due to the absence of reserve releases.We earned$3.19 per diluted share,on$95 billion in revenue.Our pre-t
30、ax,pre-provision income,which adjusts for the provision expense,was up 14%*from 2021,driven by organic growth across our lines of business,higher interest rates,and prudent management of expenses.This helped us achieve operating leverage in 2022.Total assets declined slightly to$3.05 trillion driven
31、 by a decrease in deposits due to withdrawal of monetary accommodation.These deposits remain at a healthy$1.9 trillion level.Deposits in the banking industry are shrinking,the natural and intended outcome of the Federal Reserves monetary actions to fght infation.At the same time,even as the economy
32、weakened during 2022,loan demand increased as loans grew$67 billion to more than$1.04 trillion.Asset quality remained strong as net charge-ofs remained near the historically low range experienced in 2021.Overall,our balance sheet continued to be supported by high levels of capital and liquidity,enab
33、ling us to continue to grow our business with customers,while meeting additional regulatory requirements,and repurchasing shares.Rising infation also took its toll on the equities market.For the year,our stock price decreased 24%,directionally in line with the S&P 500 and the broader bank index.This
34、 followed a strong 2021 performance that saw our stock outperform and increase 47%.Book value per share and tangible book value per share both increased in 2022.We also addressed increased regulatory changes in our capital requirements.Our common equity tier 1 capital(CET1)grew 5%in 2022 to more tha
35、n$180 billion,and our CET1 ratio of 11.2%remained well above our new minimum requirements.Even while growing capital,our common dividend per share increased 10%from 2021 and,in the aggregate,in 2022 we returned$13.6 billion in capital to shareholders through dividends and share repurchases.Our frst
36、use of our capital generation is to grow our company by supporting our customers needs and pay our dividend.But in the end,we end up with more than we need for those purposes.Share repurchases allow long-term holders to own more of our company.In addition,we continued investments to enhance being a
37、Great Place to Work for teammates.We established a multi-faceted approach to workplace fexibility,provided free lunch for several months to help employees create informal connections and welcome them back fully to work,and continued our competitive pay packages to reward our employees for serving ou
38、r clients and targeted our eforts at building long careers at Bank of America.For our communities and the broader needs of society,we also remain attentive to areas where we can direct the talent,innovation,and resources of our company and its role in capitalism.For example,we are working alongside
39、our clients toward a clean energy,sustainable future.This is also why we invest in partners and programs in our local markets:to help create economic opportunity and prosperity in underserved communities where the needs can be greatest.For all of this and more,Euromoney named Bank of America the Wor
40、lds Best Bank for the second time in fve years.In announcing this prestigious ranking,the publication stated:“In an increasingly volatile and uncertain environment,Euromoney recognized Bank of Americas performance not only in retail banking,loan growth,capital markets trading and wealth management,b
41、ut also its behavior as a corporate citizen.”Were also pleased to be named as Americas Most“JUST”Company by JUST Capital.This ranking evaluates how companies invest in employees,communities,and customers,along with other issues JUST Capital has identifed as important to Americans today.Euromoney nam
42、ed Bank of America the Worlds Best Bank for the second time in fve years.Were also pleased to be named Americas most“JUST”Company by JUST Cpany performance4|BANK OF AMERICA 2022 I am proud of all that your company,and our team,achieved in 2022.We once again delivered both profts and purposethe geniu
43、s of the AND as we call itand we did it by delivering on the tenets of Responsible Growth.Throughout this letter,I will share with you examples about how we executed against each.The rest of this report discusses that work in greater detail,and we also make available a clear set of fnancial and non-
44、fnancial disclosures so you can see for yourself how we measure our progress and determine where we have more work to do.We are capitalists at Bank of America At the core of the progress is our conviction that capitalism is embedded in how Responsible Growth delivers opportunity for our clients,our
45、teammates,the communities we serve,and for you,our shareholders.Ive sometimes been surprised to be asked including at Congressional hearings“Are you a capitalist?”Your company is one of the most proftable companies in the world,whose purpose is to help our customers and clients live their fnancial l
46、ives,efectively helping them beneft in the capitalist system.Therefore,you might also fnd the question unusual.Of course,I answered,“Yes.”But I understand the thoughts behind the question.I think the questions and the concerns some may have about capitalism are about opportunity.About whether compan
47、ies are sharing profts or paying people fairly and equitably.At Bank of America,we look at it in this straightforward way:How can we rely on and help the innovation and energy of capitalism to address the priorities of our communities and society AND beneft our shareholders?Capitalism provides the m
48、oney,the creativity,and the expertise to solve the needs of society.We enable our customers to drive capitalism.It is what we do.We once again delivered both profts and purposethe genius of the AND as we call itand we did it by delivering on the tenets of Responsible Growth.Throughout this report we
49、 provide details about how we do this:How we help transmit the economy by lending,investing,and working alongside our clients to help them succeed.About all we do to support our teammates and be a Great Place to Work for them.The many ways we partner in local markets to help support community priori
50、ties.And,at the same time,How we deliver for you,our shareholders.All these activities refect our view that capitalism creates opportunityfor our customers and clients at every stage of their progress;for our teammates to advance their careers at Bank of America and support their families;for those
51、in our local communities who may need help accessing our economic system to achieve their own goals;and for our millions of investors,a chance to share in our success through their ownership.To do this,we align our day-to-day business activities to the work.We bring our$3 trillion balance sheet to t
52、he task.We bring our$273 billion in equity.We bring our capital markets and lending capabilities,raising trillions for our clients.We bring the invested assets of our wealth management clients.Of course,we also bring the nearly$360 million of philanthropy we commit.That is how we think of it:capital
53、ism creates opportunity and prosperity,addressing important societal challenges along the way.And we measure our success.See below for how we measure.$27.5B$3T$273B$360M net income balance sheet equity in philanthropy BANK OF AMERICA 2022|5 markets.The business added nearly 28,000 net new relationsh
54、ips as well as more than 800 wealth advisors in the second half of the year.This aided in gathering$87 billion in client fows for company performance Delivering Responsible Growth in 2022 Lets look at how we executed against each of the four tenets of Responsible Growth in 2022.Grow and win in the m
55、arket,no excuses.In 2022,we acquired new clients and deepened our relationships with existing ones.The strongest underlying evidence of winning in the marketplace is through market share,as illustrated by organic growth activity with our clients.We drive Responsible Growth through our eight lines of
56、 business.Our client teams deliver the unique capabilities and oferings of each business to each client.We also focus in each market on bringing the entire company to every customer or client.We track how well we deliver these integrated capabilities by the number of client referrals between our lin
57、es of business in our local markets.In 2022,we saw more than 7.5 million total referrals among our operating units.I want to thank our 97 market presidents across the U.S.and the nearly 30 country executives around the globe who serve as chief executive for Bank of America in their markets.They lead
58、 an integrated team to help us deliver one company for clients,teammates,you,our shareholders,and the broader communities served by your company.In this report on page 32,you will see how that comes to life in just one of these communities through our local leadership.In 2022,we saw more than 7.5 mi
59、llion total referrals among our operating units.In 2022,we helped consumer clients to open a record one million net new checking accounts.We also opened 465,000 Consumer Investment accounts through our online investment platform,Merrill Edge,resulting in$28 billion in net client fows.And we added mo
60、re than a million new consumer credit card accounts in three of the four quarters in 2022.Preferred Rewards our fagship loyalty program that recognizes and rewards clients for doing business with us across all productsrecorded another strong year of growth,with 10.2 million total clients enrolled.Th
61、is represents a 9%year-over-year increase,with the program retaining its best-in-class 99%annualized membership retention rate.Small business owners benef ted from Bank of Americas products,scale and expertise at our retail f nancial centers across the U.S.including Business Advantage specialists in
62、 more than 2,600 f nancial centers,as well as our expansive ATM network,and access to local client professionals available to discuss their business priorities.We also are available to serve our small business clients digitally with the latest videoconferencing,chat and phone technology.Thanks to al
63、l of this and more,we continue to maintain our position among the nations largest small business lenders,ending 2022 with$36 billion in total outstanding loans under$1 million and a 5%increase in Small Business checking accounts.And these small business clients have entrusted us with managing approx
64、imately$175 billion of deposits to pay their employees and build their businesses.Our Merchant Services platform also recorded a strong year supporting f nancial solutions for merchants,adding new clients and volume while achieving a#1 client experience rating from J.D.Power.Our wealth management bu
65、siness is comprised of Merrill and The Private Bank,which supported clients through last years turbulent 6|BANK OF AMERICA 2022 wealth management clients.Together,the team helped clients open more than 119,000 new bank accounts in 2022.And we saw average loan and lease growth of 10%year-over-yearthe
66、 51st consecutive quarter of growth as we continue to deliver our full suite of products and services in a way that sets us apart from competitors and meets client needs.In our Global Banking business,serving commercial and corporate clients,we added more than 1,110 clients to the company in 2022 an
67、d grew average loans and leases 14%year-over-year to$375 billion.We also delivered$10.4 billion in Global Transaction Services revenue,up 38%over 2021.We moved up to#3 in the investment banking fees market share worldwide.Our Global Markets business once again had a very strong year despite market v
68、olatility.The team grew year-over-year sales and trading revenue by 9%,and had the highest full-year tally since 2010.This included investment in our macro trading business,which had revenues that were up 38%for the year.Overall Global Markets average trading-related assets were up 9%and average loa
69、ns of$117 billion increased 28%.Responsible Growth means growing with a focus on the customerand that means that our products and services must evolve in line with our clients unique fnancial needs.Grow with a customer focus.Responsible Growth means growing with a focus on our customers and clients
70、and that means that our products and services must evolve in line with our clients unique fnancial needs.Consumer customers continue to tell us they value our digital capabilities.In 2022,your company:Added three million active digital banking users,improving upon a record performance in 2021 Had 56
71、 million verifed users with 44 million active and engaged in the past 90 days Experienced 11.6 billion digital logins Grew digital sales 22%,representing nearly 50%of overall consumer sales Erica,our artifcial intelligence(AI)-based virtual fnancial assistant,also continues to attract increased clie
72、nt engagement as it has proven to be a critical channel to help us deliver important information to clients and address their questions and concerns in real-time.Erica handled roughly 145 million interactions in the fourth quarter and recently passed a billion interactions since its introduction.Amo
73、ng the most signifcant digital-driven changes in banking is how our clients want to send and receive money.In the fourth quarter of 2022,the number of consumer clients who are active Zelle users increased 15%to 18.2 million.These active users sent and received 273 million transfers worth$81 billion,
74、up 25%and 24%year-over-year,respectively.Zelle-sent transactions exceed checks written by our consumers.This shows our customers preference for digital convenience.This allows us to see strong customer scores and loyalty,while reducing our costs of operation in our consumer business as a percentage
75、of deposits to 117 basis points.Our wealth clients also expect digital innovation,and we are providing it.For example:In the fourth quarter of 2022,Erica interactions in the Merrill Wealth Management business increased 23%and Zelle transactions by Private Bank clients increased 39%.Merrill clients a
76、re 82%digitally active while our Private Bank clients are now 86%digitally activenew highs for both.Digital check deposit rates for Merrill and Private Bank clients stand at 75%and 76%,respectively.Merrill now has 77%of households enrolled in eDelivery,with 223,000 planning reports generatedup 26%fr
77、om the end of the previous year.Merrill Lynch advisors sent 1.4 million secure messages to our clients in the fourth quarter of 2022 alone.Our commercial clients also continue to adopt our easy-to-use CashPro app,and along with that use,were seeing an increasing percentage of credit documents upload
78、ed digitally,saving clients time.As of late 2022,75%of clients are digitally active on the CashPro and BA360 platforms across commercial,corporate,and business banking.The fourth quarter of 2022 saw record quarterly CashPro App engagement,with active users increasing 25%and sign-ins increasing 50%,i
79、n turn driving a record 40%increase in quarterly CashPro App payment approvals with a value of$186 billion.We know we can increase these award-wining capabilities even more,driven by client demand.56M 11.6B verifed digital digital logins users in 2022 in 2022 The case for continued development of ou
80、r digital platforms is simple:clients tell us they clearly appreciate the value and convenience it providesso we will continue to provide and expand it.We continue to take the steps necessary to fully digitally enable all products to drive growth and maximize the client experience.Thats why we inves
81、ted$3.6 billion in 2022 for new technology initiatives,to build a powerful,more secure,and scalable technology platform with market-leading capabilities.That sum is up from 2021 and is expected to be higher again in 2023.And through continuous investment we have spent more than$30 billion over the p
82、ast decade on new technology initiatives.BANK OF AMERICA 2022|7 company performance At the same time,we also continued to focus on delivering expert support and guidance across our high-touch physical network,opening 58 new fnancial centers,and renovating 784 more in 2022.We ended the year with 3,90
83、0 fnancial centers and 15,500 ATMs.This network also includes our phone,ofces,and chat capabilities.We are pleased by the results in our new markets,where we are growing from no fnancial centers there to become top 10 or above in deposit market share in just a few years.Together,our combined high-te
84、ch and high-touch approach to serving clients has led to record-high levels of customer satisfaction for Bank of America in 2022 and,in turn,contributed to our growth.Simply put,more satisfed clients do more business with us.Another recent example of our customer-focus is the continued evolution of
85、our overdraf services and solutions work that had been underway for more than a dozen years to reduce clients reliance on overdrafs and provide alternatives to help clients manage their deposit accounts and avoid fees.You can see in our Retail Banking update on page 16 that these fees are down over
86、90%from 2009.We believe that these fees are not sustainable for a good customer relationship,and by eliminating them we are able to increase satisfaction and deepen relationships to create a more stable source of revenues,while reducing costs for our company.Continued quarterly operating leverage st
87、reak in 2022 29%22%21%8%8%8%6%6%5%4%3%3%1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 15 1617 This work beneftted from the important insights and guidance from our National Community Advisory Council(NCAC),a group of external advisors,analysts,and consumer advocates that we established 17 years ago.The NCAC p
88、rovides important external perspective to help us understand,design,and deliver products to help meet the needs of our communitiesparticularly those in the low-to moderate-income sphere.Grow within our risk framework.The third tenet of Responsible Growth is to grow within our well-managed risk frame
89、work a framework that allowed us to be a source of strength to clients during the health crisis and that has continued to allow us to grow during the current volatile market environment.Our discipline around risk has us well-prepared for a severe economic stress scenario,as illustrated by Bank of Am
90、erica having the lowest stressed credit loss rates among major banks in nine out of the past 10 CCAR exams conducted by the Federal Reserve Board.As we cited earlier,credit quality continues to be better than 2019,which was the last year before the pandemic and represented a very strong year for cre
91、dit at banks.In addition to being efective,our risk management is also agilewhen regulatory capital ratio requirements for banks changed with little advance notice in 2022,we made moves so that we had a bufer to those requirements quickly.Importantly,we did that as we continued to support clients,re
92、turn capital to shareholders,and strengthen our strong balance sheet.3Q19-2Q21 Break in operating leverage streak 12%7%7%6%5%4%4%4%4%3%2%2%1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 18 19 21 22 Note:Amounts may not total due to rounding.1 Operating leverage is calculated as the year-over-year percentage ch
93、ange in revenue,net of interest expense,less the percentage change in noninterest expense.8|BANK OF AMERICA 2022 Grow in a sustainable manner.Responsible Growth requires us to grow in a sustainable manner.This has three components.First,we drive Operational Excellence(OpEx).This allows us to create
94、savings,which we can then reinvestin our capabilities,our teammates,our communities and in capital returns to shareholders.Second,we want to be a Great Place to Work for our teammates.This provides us a competitive edge to attract the best new teammates to serve our clients and retain them once they
95、ve joined the team.Third,we share our success so we can support the communities in which we work and live and help to address the biggest challenges facing communities today.Driving Operational Excellence.OpEx is how we create the means to reduce costs by striving to eliminate inefciencies in our pr
96、ocesses across our platform and reinvest savings into the things that are important to us:our team,our capabilities,our client experience,our communities,and our shareholders.By pursuing OpEx,we drive continuous improvement,reduce risk,and identify faster,simpler,and more efcient ways of working and
97、 serving our clients.In 2022,our fourth quarter operating leverage was 6%.Simply put,operating leverage is the percentage growth in revenue minus the percent growth in expenses.By looking for continuous process improvements and savings through OpEx,we have delivered operating leverage for the past s
98、ix consecutive quarterspicking back up on the 18-quarter streak we had developed prior to the pandemic-driven economic slowdown.In Retail Banking,OpEx and a more digitized customer base helped pay for investments that allowed us to improve that businesss efciency ratio to 47%in the most recent quart
99、er,an impressive 600 basis point improvement over the year-ago fourth quarter.Across the company,we have implemented more than 12,000 employee-sourced suggestions since 2014 to simplify our work and create greater efciency.In addition to making it easier to serve our clients,these ideas have resulte
100、d in nearly$5 billion in expense savings and 13 million hours of capacity saved.Whatever challenges the future may hold,your companys focus on OpEx will help deliver for clients while investing in the future of our people,communities and driving great returns to you,our shareholders.In 2022,our expe
101、nses were$61 billion,which is more than$10 billion lower than a decade ago.Central to driving Responsible Growth is being a Great Place to Work for our teammates.In 2022,we continued this long-standing commitment.Making our company a Great Place to Work.Central to driving Responsible Growth is being
102、 a Great Place to Work for our teammates.In 2022,we continued this long-standing commitment,including delivering a range of some of the best benefts in corporate America,supporting the development of our employees,and maintaining a workplace where every individual can thrive.Our goal continues to be
103、 a company where people want to work today and build a career.The reward for our shareholders is lower turnover costs.You can read more about how we are investing in teammates in our Human Capital Management update on pages 4257.$46K minimum wage for full-time employees per year Highlights include:W
104、e increased our U.S.minimum hourly wage to$22 in our next step toward$25 by 2025.This means that any employee who works full-time for our company makes at least$46,000 per year as well as some of the most comprehensive benefts available.In addition to normal merit,we delivered a mid-year increase to
105、 annual base salaries for all U.S.employees who currently receive annual total compensation below$100,000 and have been employed with the company since 2021 or earlier.The percentage increase for eligible employees ranged from 3%to 7%,increasing with years of service.In recognition of the important
106、achievements made by our employees in 2022,our Management Team,Board of Directors and I once again recognized teammates with our Sharing Success compensation award.This is the sixth time teammates will receive this award,totaling more than$4 billion since its inception.Approximately 96%of our teamma
107、tes received an award this year,with the vast majority receiving it in the form of Bank of America stock to help them share in our long-term success.We also launched a new sabbatical program for employees celebrating milestones of 15 years or more beginning in 2023,and doubled the number of confdent
108、ial,face-to-face counseling sessions available through our Employee Assistance Program.We increased our childcare benefts,which provide eligible employees making less than$100,000 per year a reimbursement of up to$275 a month per child for the cost of childcare.We also continued to have no,or below
109、our cost,increases in health benefts for most of our teammates to help them care for their families.BANK OF AMERICA 2022|9 company performance We continue to recruit,develop,and retain a diverse and inclusive workplace.We know that when our workforce refects the communities we serve,we can better se
110、rve our clients while also creating an environment where people want to perform their best.Our diversity and inclusion(D&I)policies drive transparency,accountability,and continued progress while encouraging all teammates to bring their full and authentic selves to work each day.Third parties validat
111、e our equal pay for equal work eforts,and we continue to survey our teammates annually on how we are doing in the D&I space.As in recent years,the 2022 employee survey D&I index scores remained high.Sharing our success.At Bank of America,sharing success includes giving and volunteering,as well as he
112、lping to address issues afecting clients and communities.When our communities fare well,we fare well,and our brand refects it.In 2022,we made nearly$360 million in philanthropic investments to strengthen our communities.Our teammates also donated money,as well as their time,to share success.Charitab
113、le giving by our teammates in 2022,combined with matching gifs from Bank of America,totaled more than$65 million.Our teammates also reported nearly two million volunteer hours for the year.I am proud to share this proof of their commitment to our communities with you.To help support health and safet
114、y,and address food insecurity in our local markets,we ran two campaigns to encourage employees to get vaccinated and/or boosted against COVID-19 and the fu,donating to hunger relief organizations for each employee who took those actions.Combined,the campaigns donated more than$18 million for hunger
115、organizations across the country.Since 2015 we have donated nearly$184 million toward hunger relief eforts.We also create opportunity in our communities through employment.We are in our second commitment to hire 10,000 teammates from low-and moderate-income communities,having completed the frst in t
116、hree years versus the fve pledged.Similarly,to recognize our service men and women,we have hired over 15,000 veterans in the last eight years.We work with other companies to expand the principles of skills-based hiring to large companies.This gives an employee a great start with great benefts.10|BAN
117、K OF AMERICA 2022 We continue to help drive sustainability through our work with clients to help them transition to a secure,low-carbon economy.We are committed to helping facilitate that just energy transition,with clean energy that is afordable,sustainable and secure.Thats why in 2020 we set a goa
118、l to mobilize and deploy$1.5 trillion by 2030 to advance the sustainable development goals(SDGs)193 countries agreed to in 2015,with$1 trillion of that focused on helping our clients transition to a low-carbon future.From 2021 through 2022,we mobilized and deployed a cumulative total of$410 billion
119、in sustainable fnance,with more than$235 billion of that focused on helping drive afordable clean energy and related priorities.At the same time,we are helping catalyze eforts globally by playing a lead role in multiple global organizations to give private companies from all sectors the opportunity
120、to exchange ideas and consider transactions and investments that can help accelerate the transition.Our approach to sustainable fnance is to help our clients make the transition they seek.It is great business and great for society.For more,see page 38.We issued our third Equality Progress Sustainabi
121、lity Bond for$2 billion.The use of proceeds from the bond ofering is designed to advance racial and gender equality,economic opportunity,and environmental sustainability.We also created additional opportunity for diverse and women entrepreneurs and business owners.Over the last few years,we have inv
122、ested in 23 minority depository institutions.We also have helped seed more than 130 private equity funds run by women and diverse private equity entrepreneurs.These private equity funds have funded more than 1,000 operating companies owned by like cohorts.We also recognize the value to our businessa
123、nd to societyof supply chain diversity.In 2022,approximately$2 billion of our nearly$19 billion in annual spend was with diverse suppliers.You can read more about how we are investing in diverse entrepreneurs on page 36.Measuring our positive impact at home and around the world how capitalism delive
124、rs I was asked by a teammate with a college-age daughter how we might be more convincing that capitalism is doing what society wants from it.My response:We dont leave it to interpretation,we disclose what we do for all to see.What we show in the metrics in this report is the progress we are making a
125、s well as the alignment to what society wants from capitalismto produce profts and purpose.That perpetual motion machine of capitalism can continuously invest in progress on the goals described below.Charity is wonderful,but it doesnt provide enough money.Governments are large spenders,but they are
126、short on cash and run huge defcits,so they really dont have the money to drive sustained progress.Government policies shif and therefore long-term change is hard to achieve.Companies around the world,when aligned to the tasks generate activity that dwarfs the eforts of other sectors.It is sustained
127、by the profts,which draw more capital.So the straightforward answer to the teammate was if we want to be successful at what society wants,we should all cheer capitalism on.However,it is important to measure progress to prove capitalism is working.In the U.S.and globally,companies can track their per
128、formance in areas that include equality of opportunity,afordable housing,prosperity,access to clean water,sustainable,clean,secure energy,and other priorities.We do so through reporting a set of universal Stakeholder Capitalism Metrics(SCM).The SCMs span the breadth of global industry,giving a consi
129、stent framework to measure and disclose how companies are addressing societal priorities and the SDGs through their business activities and operations.Nearly 200 companies around the world have committed to reporting SCMs and about 140 have already begun to do so.The metrics were developed with the
130、expertise of the global Big Four accounting frms.You can fnd our 2022 Stakeholder Capitalism Metrics on page 60.This is the third consecutive year we have published these metrics in our Annual Report,in addition to our fnancial disclosures.We believe this provides the most relevant,useful and transp
131、arent information.This disclosure is comprehensive and straightforward,allowing you,our shareholders,to assess your company.Many observers express diferent views on disclosures;for example,there are multiple shareholder proposals in our proxy statement,each Letter from our expressing diferent views
132、on what is the right disclosure or action.We encourage you to review our SCMs and all the other disclosures we reference in this Annual Report and proxy statement.We dont need to spend more of your money on inconsistent and redundant standards;we need to keep driving our performance.The last year ha
133、s underscored once again that change is constant in our world.A successful company must be able to operate in any environment.And I am proud to say your company has done that,despite the volatility and uncertainty in the economy.Responsible Growth has worked,again.On behalf of my teammates,our Manag
134、ement Team and the Board of Directors,I thank you for your support of Bank of America.Brian Moynihan March 1,2023 Lead Independent Director It is an honor to serve as your Boards Lead Independent Director and work alongside my fellow directors to provide diverse and independent perspectives that hel
135、p create long-term sustainable value for our shareholders and stakeholders.In partnership with Brian and the talented men and women of the Management Team,we have led the company with a common focus on driving Responsible Growth.Bank of Americas focus on Responsible Growth is delivering results for
136、you and helping us succeed through changing markets,as we continue to diligently serve our clients and help them achieve their short-and long-term fnancial goals.This Annual Report and the 2022 Proxy Statement are full of examples illustrating how our focus on Responsible Growth continues to provide
137、 Bank of America with the ability to deliver strong returns today,and the resilience to consistently serve our stakeholders in the future.In support of this endeavor,your Board conducts ongoing,fulsome discussions with the companys senior Management Team and each other to ensure Bank of Americas str
138、ategic alignment to Responsible Growth.This includes meeting with the Management Team to review and approve the companys strategy,and conducting a year-round strategic assessment and planning process to provide additional oversight of Bank of Americas strategic execution.Board members also oversee o
139、ther key areas,such as Bank of Americas enterprise risk management,human capital development,and external initiatives developed to strengthen the communities we serve around the world.To help fulfll our duties and responsibilities,I and each member of the Board regularly stay informed of opportuniti
140、es and challenges in the markets,the economy and the world that could impact Bank of America.We also engage on a year-round basis with our shareholders to listen to your thoughts and perspectives.We encourage your views and inputs because they provide valuable insights that help ensure your voice is
141、 an integral part of our ongoing discussions and governance of the company.Thank you for choosing to invest in Bank of America.We remain committed to delivering for you,as well as our clients,teammates,and communities.Sincerely,Lionel Nowell III March 1,2023 BANK OF AMERICA 2022|11 Board of Director
142、s Lionel L.Nowell III Lead Independent Director Jos(Joe)E.Almeida Arnold W.Brian T.Moynihan Chair of the Board and Chief Executive Officer Sharon L.Allen Pierre J.P.de Weck Frank P.Bramble,Sr.Monica C.company performance board of directors and eXecutive management team Donald Linda P.Hudson Lozano D
143、enise L.Ramos Clayton S.Rose Thomas D.Woods R.David Yost Michael D.White Maria T.Zuber Our Board of Directors sets the tone at the top by overseeing our corporate strategy.In addition,the heads of our eight lines of business as well as key leadership for International and our institutional client ba
144、se make up our Executive Management Team.12|BANK OF AMERICA 2022 Executive Management Team Brian T.Moynihan Chair of the Board and Chief Executive Offi cer Catherine P.Bessant Vice Chair,Global Strategy Alastair M.Borthwick Chief Financial Offi cer Paul M.Donofrio Vice Chair Kathleen A.Knox Presiden
145、t,The Private Bank Bernard A.Mensah President,International;CEO,Merrill Lynch International Holly ONeill President,Retail Banking Wendy H.Stewart President,Global Commercial Banking Raul A.Anaya President,Business Banking Aditya Bhasin Chief Technology and Information Officer Sheri B.Bronstein Chief
146、 Human Resources Officer Geoff rey S.Greener Chief Risk Offi cer Matthew M.Koder President,Global Corporate&Investment Banking Lauren Mogensen Global General Counsel Tom M.Scrivener Chief Operations Executive Bruce R.Thompson Vice Chair,Head of Enterprise Credit Dean C.Athanasia President,Regional B
147、anking D.Steve BolandChief Administrative Offi cer James P.DeMare President,Global Markets Christine P.Katziff Chief Audit Executive Aron D.Levine President,Preferred Banking Thong M.Nguyen Vice Chair,Head of Global Strategy&Enterprise Platforms Andrew M.Sieg President,Merrill Wealth Management BANK
148、 OF AMERICA 2022|13 Eight Lines of Business 14|BANK OF AMERICA 2022 Going to market through our eight lines of business By delivering capabilities through eight lines of business,we provide a unique advantage to each customer and client:the powerful expertise of one team,working together to deliver
149、on our purpose to help make fnancial lives better through our focus on Responsible Growth.CONSUMER BANKING RETAIL BANKING Serves mass market U.S.consumers with a full range of fnancial products and services through award-winning digital banking capabilities and fnancial center network.This business
150、is led by Holly ONeill.Retail Banking is part of the Consumer Banking segment reporting to Dean Athanasia,president of Regional Banking.PREFERRED BANKING Provides personalized solutions,valuable rewards,and advice and guidance for clients with more complex banking,borrowing and investing needs as we
151、ll as for entrepreneurs and small businesses with revenues of up to$5 million.This business is led by Aron Levine.Preferred Banking is part of the Consumer Banking segment reporting to Dean Athanasia,president of Regional Banking.GLOBAL WEALTH&INVESTMENT MANAGEMENT MERRILL Serves high net worth and
152、ultra-high net worth clients.Our personal advisor relationships allow us to help individual investors and their families plan for and achieve their unique fnancial goals.This business is led by Andy Sieg.PRIVATE BANK Provides comprehensive wealth and estate planning,investment management,and banking
153、 and lending solutions to ultra-high net worth clients with investable assets of more than$3 million.This business is led by Katy Knox.GLOBAL BANKING BUSINESS BANKING Locally based client relationship teams provide advisory and banking services for credit,treasury,trade,foreign exchange,equipment fn
154、ance and merchant services to more than 21,000 small and mid-sized U.S.companies with annual revenues of$5 million to$50 million.This business is led by Raul Anaya.Business Banking is part of the Global Banking segment reporting to Dean Athanasia,president of Regional Banking.GLOBAL COMMERCIAL BANKI
155、NG Provides treasury,lending,leasing,advisory,and debt and equity underwriting services to middle market companies with revenues of$50 million to$2 billion across all major industries.It brings clients the full capabilities of the company paired with local service.This business is led by Wendy Stewa
156、rt.Global Commercial Banking is part of the Global Banking segment reporting to Dean Athanasia,president of Regional Banking.GLOBAL CORPORATE&INVESTMENT BANKING Provides clients around the world and across all major industries with solutions for treasury services,lending,leasing,advisory,and debt an
157、d equity underwriting.Serves corporate clients with more than$2 billion in revenues,fnancial institutions and government agencies.This business is led by Matthew Koder.GLOBAL MARKETS GLOBAL MARKETS Provides services across the worlds debt,equity,commodity and foreign exchange markets.This includes l
158、iquidity,hedging strategies,industry-leading insights,analytics and competitive pricing for corporate,commercial,government and institutional investor clients.This business is led by Jim DeMare.BANK OF AMERICA 2022|15 In Retail Banking,we support the fnancial health of nearly 68 million U.S.consumer
159、 clients through our fnancial center locations,ATMs and award-winning digital banking capabilities,including Online and Mobile Banking platforms,Erica and Zelle.Helping our clients thrive today and in the future Under the leadership of Holly ONeill,our Retail Banking teammates provide a personalized
160、 experience that supports clients on their fnancial journeyas they budget,spend,save and borrow to help meet their goals.We ofer simple-to-use fnancial solutions for individuals and families,such as:Bank of America Advantage SafeBalance Banking,an account that helpsprevent overdraf fees BankAmericar
161、d Secured Card,a credit card to establish,build and strengthencredit history Keep the Change,to build savings automatically when making debit purchases Balance Assist,a low-cost solution for clients to manage their short-term liquidity needs Balance Connect,for overdraf protection Life Plan,to help
162、set and track clients fnancial goals based on their life prioritiesOur focus remains on helping clients wherever and however they prefer to bank,serving our diverse communities and supporting fnancial education.Our approach has led to more clients choosing to bank with us,including 6.6 million new c
163、onsumer clients in 2022,up 13%over 2021the largest increase in fve years.Advancing economic mobility in low-and moderate-income(LMI)communities LMI individuals and small businesses have access to core banking products,services,loans,technology,capital and jobs.Approximately 29%of our fnancial center
164、s and 31%of our ATMs are in LMI neighborhoods,and 44%are in majority-minority markets.Within these locations,weve designated some fnancial centers for community banking programs,stafed with employees from local neighborhoods who are trained to provide the right solutions to help clients build fnanci
165、al resiliency and wellbeing.To support sound fnancial habits,in 2022,we eliminated non-sufcient funds(NSF)fees,reduced overdraf fees from$35 to$10 and eliminated the transfer fee associated with our overdraf protection service,Balance ConnectTM,resulting in a decrease of more than 90%in overdraf fee
166、s since 2009.4.4M new credit card accounts,up 22%year-over-year1 6.6M new clients in 20221 23%increase in Erica client interactions year-over-year1 26%increase in Zelle transactions year-over-year1 90%+decrease in overdraf services fees since 2009 Powering a more personalized experience through digi
167、tal As a world-class digital bankbacked by a network of approximately 3,900 fnancial centerswe provide clients ease of service,choice and support through access to products,solutions and expertise anytime,from anywhere.Nearly 73%of overall households were digitally active in 2022.Additionally,client
168、 interactions with Erica were up 23%and Zelle transactions were up 26%over 2021.Protecting our clients information is a top priorityour online Security Center provides tools and resources to help clients keep their fnancial information safe and secure.It was visited nearly 25 million times in 2022.W
169、e also introduced mobile live chat through our secure mobile app,so clients can easily message live agents when theyre on the go.eight lines of business retail banking 16|BANK OF AMERICA 2022 RETAIL BANKING Led by:Holly ONeill Ofering a wide range of products and services to millions of U.S.consumer
170、s.Creating generational wealth and making afordable homeownership a reality Were continuing our multi-year$15 billion Bank of America Community Homeownership Commitment that helps make homeownership more afordable and sustainable,including a low down payment mortgage and signifcant down payment and
171、closing cost grants.Through year-end,the program has provided more than$10 billion in lending and$383 million in grants,assisting approximately 39,000 families.$10B+in lending through Bank of America Community Homeownership Commitment through 2022 Providing education for a stronger fnancial future W
172、e provide extensive,personalized support to help clients and community members gain the knowledge they need to make confdent fnancial decisions.Our Better Money Habits program ofers free,easy-to-understand tools and resources with hundreds of engaging videos,workshops and articles,accessible in Engl
173、ish and Spanish.Were building on our strong foundation of excellence as Retail Banking continues to drive Responsible Growth to help provide exceptional care to our clients and communities on their journey to fnancial health and economic mobility.Continued core client growthwith an all-time record 3
174、5.9MConsumer Checking accounts Recognized as Best ConsumerDigital Bank in the U.S.(Global Finance Magazine)Recognized in 2022 by J.D.Power for outstanding customersatisfaction with fnancial healthsupportRepresents our Consumer Banking segment,including Retail Banking and Preferred Banking BANK OF AM
175、ERICA 2022|17 Whether using their mobile phones or visiting a fnancial center,our millions of mass afuent clients and small business owners can rely on Preferred Banking to help with their banking,borrowing and investing needs.By combining our leading digital capabilities,best-in-class solutions and
176、 access to personalized guidance and advice,were able to help clients pursue their fnancial goals during every stage of life.Delivering personalized advice and solutions to clients and small businesses Clients continue to use our 3,900 fnancial centers to meet with specialists.We invested in state-o
177、f-the-art functionality and expanded our presence in several key growth markets in 2022.Helping clients with all their fnancial needs where and when they want Led by Aron Levine,our team provides clients with a full range of fnancial solutions.We take an integrated approach to serving clients throug
178、h the convenience of our award-winning digital platform and our national network of ATMs,fnancial centers and centralized contact centers where more than 32,000 professionals provide advice and guidance to clients.Clients continue to use our 3,900 fnancial centers to meet with specialists.We investe
179、d in state-of-the-art functionality and expanded our presence in several key growth markets in 2022.These eforts also highlight our investment in our teammates to help them grow professionally and continue enhancing our clients experiences.Delivering for clients throughout their fnancial life cycle
180、We help clients as their fnancial needs expand from banking transactions to self-directed investments to managed investment portfolios.Our Merrill Edge Self-Directed platform ofers clients a personalized investing experience that provides insights and tools to help them confdently put their investin
181、g ideas into action when and how they want.For those who prefer to not go it alone but want to use online tools,Merrill Guided Investing provides a goals-based advisory program with investment portfolios built,rebalanced and monitored by Merrill investment professionals.And,for those who want one-on
182、-one guidance to pursue their goals,Merrill Guided Investing provides clients the option to work with an advisor to help them defne an investment strategy and periodically review their progress.Were also achieving growth in our Employee Banking and Investing Program,which ofers employees of companie
183、s access to products and services to help them manage and improve their fnancial lives.In 2022,we added 86 new companies,reaching a total of 282,while growing the number of eligible employees to more than three million.32K+teammates providing advice and guidance to clients 282 total companies in our
184、 Employee Banking and Investing Program 3.5M consumer investment accounts Opened 58 new fnancial centers and renovated nearly 800 in 2022 eight lines of business preferred banking 18|BANK OF AMERICA 2022 Rewarding clients for their loyalty Our Preferred Rewards program,which recently surpassed 10 mi
185、llion members,rewards consumer and small business clients for growing their relationship.This industry-leading loyalty program ofers numerous benefts,including lower interest rates,cash bonuses and discounts.Members have a 99%client retention rate and earn an average of$500 each year,resulting in a
186、total of over$3.5 billion in rewards annually.Enabling business owners to achieve success We continue to be among the nations largest small business lenders,ending the year with$23 billion in loans.In 2022,we launched new solutions to help clients grow their businesses,including the Business Advanta
187、ge Credit Line and Unlimited Cash Rewards Secured credit card for entrepreneurs just starting out.Our expertise in helping clients achieve business success has led entrepreneurs to rely on us for industry insights.Last year,we published our 10th annual Small Business Owner Report,sharing trends and
188、data on entrepreneurs business outlook and economic confdence,as well as key indicators of their success and community involvement.We also maintain the Bank of America Access to Capital Directory platform focused on women-and minority-owned businesses.1Based on June 30,2022 Federal Deposit Insurance
189、 Corporation(FDIC)deposit data 2Represents our Consumer Banking segment,including Retail Banking and Preferred Banking 3Includes clients in Consumer Banking,Small Business and Global Wealth&Investment Management as of November 2022 PREFERRED BANKING Led by:Aron Levine Providing personalized solution
190、s,valuable rewards and advice and guidance to clients with more complex banking,borrowing and investing needs as well as for small businesses.No.1 in estimated U.S.consumer deposits at morethan$1T,up 8%in 2022 Merrill Edge Self-Directed namedone of the Best Online StockBrokers for Beginners byNerdWa
191、llet(2023)Merrill Edge Self-Directed awardedNo.1 Overall Client Experience(6th consecutive year)fromStockB 2023 AnnualBroker Review Leading small business lender,with$23B in total outstandingloans at the end of 202210M+clients enrolled in Preferred Rewards3 99%Preferred Rewards Program client retent
192、ion rate BANK OF AMERICA 2022|19 During 2022,Merrill Wealth Management delivered record revenue thanks to our ongoing commitment to helping clients manage every aspect of their fnancial lives.Led by Andy Sieg,Merrill provides a one-stop shop of fnancial solutions and access to the full capabilities
193、of Bank of America through an advisor relationship and industry-leading digital solutions.Gaining momentum with modern Merrill Merrill is focused on helping advisors succeed at every stage of their careers and recognizes the importance of carrying forward the traditions of todays advisors who,time a
194、nd again,win top industry rankings.The power of our modern Merrill strategy helps us drive growth and client satisfaction through our advisors insights and knowledge,innovation and diverse perspectives.Providing comprehensive,personalized wealth management advice,planning and services Todays investo
195、rs place a premium on fnancial advice from a trusted advisor.Merrill advisors work closely with clients to clearly defne their fnancial goals and then deliver what matters mostfrom sharing our thought leadership and insights to fnancial planning and investing with access to banking and lending.In 20
196、22,we made enhancements to Personal Wealth Analysis,our proprietary tool advisors use in discussions with clients to defne and prioritize goals and create personalized,comprehensive plans.As a result of our ongoing fnancial planning discussions,client satisfaction reached 92%in 2022.These conversati
197、ons increased by 40%over 2021 and rose to a fve-year high.Growing our business responsibly The strength of our diversifed business is demonstrated through robust growth of net new households135,000 from 2018 through 2022.Record revenue of$18.1 billion and$2.8 trillion in client balances at year-end
198、further underscore the success of our modern Merrill strategy.increase in fnancial planning discussions in 2022 compared to year-prior 40%92%client satisfaction eight lines of business merrill 20|BANK OF AMERICA 2022 Our fnancial advisors help clients across all 50 U.S.states,the District of Columbi
199、a and several U.S.territories.Leading the industry in innovation Merrill introduced new high-tech,high-touch ways for advisors to serve clients,manage their practices and acquire new business in 2022,and by year-end,82%of clients were digitally active.One of this years highlights was the launch of M
200、errill Advisor Match a new digital platform that helps take the guesswork out of fnding the right advisor by connecting people seeking fnancial advice with advisors who ft their needs.Since its launch in October 2022,more than 6,600 Merrill advisors have completed their Merrill Advisor Match profle
201、and new clients have moved tens of millions in assets.Achieving greater diversity of people and perspectives As demographics and centers of wealth across America continue to change,Merrill seeks to grow a diverse client base that is more refective of the communities we serve.We are committed to beco
202、ming the frm of choice for women,Black/African Americans,Hispanic-Latinos,Asian Americans and members of the LGBTQ+community.To help achieve this,we have set ambitious goals for more diverse leadership,advisors and clients.Training the modern advisor Training the next generation of Merrill advisors
203、continues to be a top priority,and we are increasing our emphasis on training in 2023.Following the relaunch of our Advisor Development Program in mid-2021,we now have more than 1,000 trainees participating,and the frst class will graduate in mid-2023.The program provides comprehensive training to o
204、ur new advisors and is designed to support their development by leveraging the entire banks resources,insights and capabilities.Our growth story refects the transformative power and momentum of modern Merrill and our tremendous opportunity to deliver diferentiated advice,service and solutions for ge
205、nerations to come.MERRILL Led by:Andy Sieg Serving high net worth and ultra-high net worth clients.Our personal advisor relationships allow us to help each individual investor plan for and achieve their unique fnancial goals.No.1 on Forbes Best-in-State Wealth Advisors,Top Women Wealth Advisors,Top
206、Women Wealth Advisors Best-in-State and Top Next-Gen Advisors lists(2022)No.1 on Barrons Top 100 Women Advisors list No.1 on Financial Plannings Top 40 Advisors Under 40 list 82%of Merrill households digitally active across the enterprise(year-end 2022)135K net new households added from 2018 through
207、 2022$18.1B record revenue in 2022$2.8T total client balances at year-end 2022 BANK OF AMERICA 2022|21 Led by Katy Knox,The Private Bank has more than 100 ofces in 41 U.S.markets.Through our local market approach,we serve the unique fnancial needs of our clients with dedicated teams of experienced a
208、dvisors,award-winning digital solutions and the strength of Bank of Americas broad capabilities.Providing comprehensive wealth management solutions for ultra-high net worth clients We help our clients navigate their complex needs by providing customized products and solutions,including wealth planni
209、ng,trust and estate administration,cash management,banking and lending,investment management and philanthropy.Committed to Responsible Growth The Private Bank continued to acquire new clients and deepen existing relationships in 2022.We ended the year with total client balances of$564 billion and ad
210、ded nearly 2,600 net new relationships.We grew responsibly by continuing to expand our partnerships with other lines of business across the company to serve a wide range of needs.Our partnership with Consumer Investments to place dedicated Financial Solutions Advisors(FSAs)in our ofces continues to
211、yield benefts for clients,helping us serve entire families by delivering the full spectrum of our banking and brokerage capabilities to each relationship.Driving innovation We continuously strive to serve our clients with greater speed,security and convenience.In 2022,we launched new online and mobi
212、le features,such as expanded e-signature capabilities and digital wire transfers,to help clients more easily transact and access a growing number of products and services online.Today,were proud to have a record 86%of clients digitally active at year-end 2022 and are working to introduce new feature
213、s to help clients digitally open accounts and more seamlessly move money.We also continue to invest in technology to modernize our service platform as part of our commitment to deliver a fully integrated and tailored client experience.100+ofces in 41 U.S.markets eight lines of business private bank
214、22|BANK OF AMERICA 2022 In 2022,we added approximately 75 new advisors and core client team members to help grow and support our clients,with many graduating from our Advisor Development Program for early-and mid-career professionals.Developing top talent Wealth demographics in the U.S.are changing
215、as the Baby Boom generation focuses on transferring wealth to heirs and supporting philanthropic causes.Our research shows that younger Americans have diferent approaches than their parents to investing,giving and wealth planning.In 2022,we added approximately 75 new advisors and core client team me
216、mbers to help grow and support our client relationships,with many graduating from our Advisor Development Program for early-and mid-career professionals.Today,were focused on developing top talent at all levelscontinuously investing in education,programs and resources to build skills and support pro
217、fessional growth.Building momentum With our teams commitment and expertise,combined with continued investments in our platform,people and capabilities,The Private Bank is building momentum by driving Responsible Growth.PRIVATE BANK Led by:Katy Knox The Private Bank is the largest provider of persona
218、l trust and fduciary administration in the U.S.and a leader in philanthropic services,art services,banking and credit solutions.Named Best Private Bank for Philanthropic Services(Global;2nd consecutive year)and Best Private Bank for Digital Solutions for Clients(North America)by Global Finance Magaz
219、ine Named Best Private Bank for Customer Service(3rd consecutive year)and Best Private Bank in the U.S.for Philanthropy Services by Professional Wealth Management$564B client balances at year-end 2022 2.6K net new relationships added in 2022 86%of clients digitally active at year-end 2022 BANK OF AM
220、ERICA 2022|23 Business Banking provides advice and a full range of commercial fnancial services to U.S.-based mid-sized businesses.Clients beneft from our industry-leading thought leadership,along with fnancial products including credit,treasury management,merchant services,foreign exchange and equi
221、pment fnancing.Delivering the power of our company to growing businesses To further improve the client experience and take advantage of market opportunities,this year we began to focus on specifc client segments.Led by Raul Anaya,our client teams also partner with specialists in The Private Bank and
222、 Merrill to deliver personal wealth solutions to clients.Recognized for client experience With the growing demand for our services,we added 150 relationship managers in 2022,enabling our expert teams to deepen relationships with clients and prospects and to capitalize on untapped market opportunitie
223、s.To help our new teammates best serve our clients,we worked with The Academy at Bank of America to introduce a robust onboarding program.This investment has enabled us to increase the number of in-person client meetings,even as we grew our client base.In 2022,J.D.Power Certifed Customer Service Pro
224、gram recognized Bank of Americas Corporate,Global Commercial and Business Banking Services for providing“An Outstanding Customer Service Experience”(13th consecutive year).To further improve the client experience and take advantage of market opportunities,this year we began to focus on specifc clien
225、t segments,such as government contractors,not-for-proft and healthcare businesses,and emerging growth business segments,to advise on their unique individual needs.This efort joins our Community Business Strategy focused on Asian American,Black/African American,Hispanic-Latino,veteran-and women-owned
226、 businesses and their opportunity for growth.The digital journey continues Businesses of all sizes are rapidly adopting innovative tools and continuing to explore more digital capabilities to improve their operations.While meeting with clients,our experts focus on how their businesses are transformi
227、ng and demonstrate how our digital tools can help them manage many aspects of their business fnances.More than 80%of clients transacted with us digitally in 2022 through the Business Advantage 360(BA360)and CashPro platforms,and demand for solutions continues to accelerate.150 new relationship manag
228、ers added in 2022 As part of the continuing transition to digital processes,we moved our client onboarding and document exchange online and are using digital platforms to manage client accounts.These changes save time on more basic functions,freeing up our team to spend more time on in-depth discuss
229、ions about client needs.160+cities throughout the U.S.80%+of clients digitally active at year-end 2022 eight lines of business business banking 24|BANK OF AMERICA 2022 BUSINESS BANKING Led by:Raul Anaya Locally based client teams serve thousands of U.S.-based business clients,each with revenues betw
230、een$5 million and$50 million.As their businesses change over time and grow in revenue,we believe clients view us as their advisory banking partner,poised to provide everything they need to run their businesses,from start-up to global player.Driving opportunity through each stage of growth As their b
231、usinesses change over time and grow in revenue,we believe clients view us as their advisory banking partner,poised to provide everything they need to run their businesses,from start-up to global player.We see the importance of our role as advisors,providing guidance to clients on how to navigate the
232、 ever-changing business operating environment.As an example,clients aligned to Business Banking and Global Commercial Banking seek support from our sustainability team to plan for the transition to net zero greenhouse gas emissions.The team partners across Bank of America to help companies defne the
233、ir approach to a sustainable future.Bank of Americas thought leadership resources and global expertise allow us to help clients better understand the business case for sustainability and support them as they navigate the transition to a low-carbon economy.Our clients welcome these conversations,lead
234、ing to opportunities for us to deepen our relationships.Our dedicated team of relationship managers,based in more than 160 local communities,meet with clients ofen at their place of business Named North Americas Best Bank for Small and Medium-Sized Enterprises by Euromoney magazine(2022,7th consecut
235、ive year)Serves approximately 1 in 7 U.S.businesses BANK OF AMERICA 2022|25 Digital solutions that make running a business easier We are committed to making business easier for clients with our award-winning digital banking platform,CashPro.Clients use CashPro as a single point of access to manage l
236、oans,deposits,payments,receivables,trade finance and reporting.In 2022,we launched several new features to optimize how clients manage their business.Innovations included patented quick-response(QR)sign-in technology in the CashPro App for added security and convenience,an expanded Application Progr
237、amming Interface(API)allowing clients to access more than 350 payment types and digitized self-service capabilities enabling clients to chat with experts using the CashPro App.The CashPro App was recognized by Celent in 2022 as the Model Bank for Corporate Digital Banking.Advising clients on the gre
238、en economy and other key focus areasIn keeping with our companys goal to achieve net zero greenhouse gas emissions before 2050,GCB educates clients about our commitments and works with emerging green companies.Over the last several years,in support of Bank of Americas initial 2030 targets for reduci
239、ng greenhouse gas emissions associated with financing activities,we have built a sustainability team to help companies plan for the transition to net zero.The 2022 Bank of America Task Force on Climate-related Financial Disclosures(TCFD)report,which outlines how we continue to manage and mitigate cl
240、imate-related financial risks,is a key tool in these conversations.We also provide advisory services to specialized businesses,including commercial real estate,technology,healthcare,educational institutions,not-for-profit organizations,restaurant groups,automotive/vehicle companies as well as sports
241、 leagues,teams and stadiums.Clients also rely on us for insights on digital transformation,talent acquisition and other industry trends.Building banker effectivenessTo help deliver exceptional service,we continually invest in our team.In 2022,The Academy at Bank of America introduced training to enh
242、ance banker effectiveness.Areas of focus range from the art of dialogue and client acquisition to advisory excellence and how to discuss sustainability with clients.Bank of America Community Development Banking provides financing for affordable housing and economic development across the U.S.In 2022
243、,we provided nearly$8 billion in debt and equity financing,creating more than 1,000 units of affordable housing.Almost one-third of Fortune 1,000 companies are GCB clientseight lines of business26|BANK OF AMERICA 2022global commercial bankingServing as a trusted advisor to companies and organization
244、sGlobal Commercial Banking(GCB)serves as a trusted advisor to middle-market companies primarily in the U.S.and Canada including their international subsidiaries delivering integrated financial services and business planning tools.Led by Wendy Stewart,GCB offers companies and organizations lending an
245、d financing solutions,including commercial loans and leases,commitment facilities,trade finance,commercial real estate lending and asset-based lending.We also offer treasury solutions,such as cash management,foreign exchange,merchant services and short-term investing options as well as valuable solu
246、tions for clients employees,including 401(k)and other financial life benefits.In 2022,we saw a 9%year-over-year increase in commercial loan volume and attracted hundreds of new commercial clients to Bank of America.In addition,Bank of America Community Development Banking provides financing for affo
247、rdable housing and economic development across the U.S.In 2022,we provided nearly$8 billion in debt and equity financing,creating more than 10,000 units of affordable housing.0 We provide advisory services to specialized businesses,including commercial real estate,technology,healthcare,educational i
248、nstitutions,not-for-proft organizations,restaurant groups,automotive/vehicle companies as well as sports leagues,teams and stadiums.Clients also rely on us for insights on digital transformation,talent acquisition and other industry trends.In addition,we are improving how our bankers connect with cl
249、ients,including by providing our teams with outreach and marketing tools to better customize their client and prospect communications and meetings.As a result of our eforts to support the client experience,for 13 consecutive years,J.D.Power has recognized us for providing“An Outstanding Customer Ser
250、vice Experience.”Euromoney Awards for Excellence 2022 named us North Americas Best Bank for Corporate Responsibility and,for seven consecutive years,North Americas Best Bank for Small and Medium-Sized Enterprises.75%of clients digitally active at year-end 2022 GLOBAL COMMERCIAL BANKING Led by:Wendy
251、Stewart Global Commercial Banking serves approximately one in fve U.S.middle-market companies with revenues of$50 million to$2 billion.Almost one-third of Fortune 1,000 companies are GCB clients Provides relationship management coverage in more than 100 U.S.cities and all 50 U.S.states Recognized by
252、 J.D.Power Certifed Customer Service Program for providing“An Outstanding Customer Service Experience”(2022,13th consecutive year)9%increase in commercial loan volume year-over-year 350+client payment types and digitized self-service capabilities Represents commercial,corporate and business banking
253、clients across our CashPro and BA360 platforms as of November 2022 BANK OF AMERICA 2022|27 We operate in 35+countries around the world.Global Corporate&Investment Banking(GCIB)delivers integrated fnancial solutions,capital markets execution and advice to large corporate clients,middle-market frms an
254、d emerging growth companies.Delivering for clients in a changing economic environment Led by Matthew Koder,GCIB provides clients solutions that span the entire capital structure,including loans,leases,bonds,convertibles,initial public oferings(IPOs),follow-on oferings,private capital fundraising and
255、 mergers and acquisitions.We also provide best-in-class global liquidity and treasury management solutions.Driving Responsible Growth While 2022 was a strong year for Bank of America as a whole,GCIB revenue was down slightly from the record year of 2021 as a result of rising interest rates and chall
256、enging market conditions.This led to a slowdown in investment banking activity throughout the year,as the needs of our clients shifed in response to these developments.In the face of these market headwinds,GCIB remained a steadfast and trusted partner committed to delivering for our clients,a hallma
257、rk of our client-frst culture.Clients sought advice and market insights ofered by our experienced banking teams to help them address strategic decisions,fnancing transactions and day-to-day execution.We continue to deepen these relationships to help clients achieve their goals.One key to GCIBs conti
258、nuing success in delivering for our clients,teammates,communities and shareholders in any environment is our breadth of oferings and fexibility:In investment banking,where the market refected weaker industrywide underwriting activity,we were No.3 in investment banking fees for 2022(Dealogic),with ou
259、r global activities covering more than 4,000 capital markets and advisory transactions(Dealogic).In corporate banking,we increased our loan and lease balances while maintaining client deposits,despite the higher interest rate environment.Revenues from our global transaction services business signifc
260、antly increased by 38%year-over-year.GCIB ultimately achieved our second-best revenue year on record in 2022,behind only our record year in 2021,showcasing how Responsible Growth helps enable us to manage for the long term and prepare ourselves for challenging economic environments.Driving innovatio
261、n and improving experiences We continue enhancing interactions with our clients to help them increase efciency,extract insights from their data and manage risk well using our cutting-edge technology.With the growing trend toward the“consumerization of wholesale”in 2022,our award-winning digital plat
262、form,CashPro,ofered clients a way to take greater control of their treasury operations through enhanced personalized,proactive and predictive solutions.This innovative platform sets the bar on elevating the client experience and ease of doing business by providing efciency through automation and int
263、egration with their existing systems.Recent recognition includes awards for Worlds Best Bank in Payments and Treasury(Euromoney),Model Bank for Corporate Digital Banking(Celent)and No.1 Overall Digital Channels Module(Coalition Greenwich).To help enhance the employee experience,we launched a new pro
264、prietary global knowledge management platform in 2022 to provide our teammates access to eight lines of business global corporate&investment banking 28|BANK OF AMERICA 2022 resources and deal execution tools through a consolidated,one-stop portal.Advances like this help create efciencies and streaml
265、ine work processes,ultimately providing added value to both our employees and clients.Helping clients with environmental,social and governance(ESG)and transition to net zero greenhouse gas emissions The transition to a low-carbon economy requires a signifcant fow of capital across markets and sector
266、s.In 2022,we added resources globally to provide deep expertise on ESG issues that impact our clients funding needs,valuations and strategic decisions by enhancing our Sustainable Banking Solutions Group.By building and training the team,intensifying client engagement and committing to net zero and
267、ESG-related governance,we expanded our capabilities in this area.In 2022,GCIB was No.1 globally in ESG debt issuance volumesand we are well-positioned to continue advising clients on how best to achieve their sustainability goals.Working to enhance diversity in the workplace GCIB is focused on creat
268、ing a diverse and inclusive working environment through internal mobility,career development and networking.We seek top talent at every level and provide all employees with exposure,mentorship and new opportunities.We devote signifcant resources and use personal connections and networks to help buil
269、d a diverse pipeline of talent and help create a sustainable,proactive and personalized approach to talent sourcing.By bringing more people into the process,weve enhanced the engagement and accountability of all our teams,which helps build that pipeline and improve representation gaps.Building for t
270、he future Looking ahead,we will continue our relentless drive to help clients succeed.Delivering for our clientsand growing with themis vital to being a dedicated and dependable partner,and we will continue leveraging the full breadth of Bank of America to deliver for them.GLOBAL CORPORATE&INVESTMEN
271、T BANKING Led by:Matthew Koder Providing advisory,underwriting and banking services to thousands of large corporate clients,middle-market frms and emerging growth companies worldwide.Ranked No.1 among global lead banks for investment grade and leveraged fnance capital raised in 2022(Dealogic)Named b
272、y Global Finance as 2022 Outstanding Financial InnovatorGlobal Conducts business with approximately 70%of the 2022 Fortune Global 500 BANK OF AMERICA 2022|29 Global Markets provides services across the worlds debt,equity,commodity and foreign exchange markets to approximately 8,000 clients consistin
273、g of asset managers,hedge funds,pensions and insurance,corporates,governments and other fnancial institutions.Providing a diversifed business model for our clients globally Creating value through our platform Led by Jim DeMare,our sales and trading platform ofers market-making,fnancing,securities-cl
274、earing and settlement services to our clients in support of their investing and trading activities globally.To further support our clients,nearly 700 analysts in Bank of Americas award-winning BofA Global Research organization provide industry-leading research and insights.Their expertise combined w
275、ith our platform is at the core of the value we deliver to help our clients make informed trading decisions and achieve their investment goals.Global Markets sits at a unique intersection across Bank of Americas broad client base,enabling business synergies across our lines of business.In partnershi
276、p with teammates across the company,we work with corporate,commercial,government and institutional investor clients to provide capital raising and risk management solutions.Helping clients navigate the economic environment In a year marked by accelerated central bank tightening,persistent infationar
277、y pressures and geopolitical tensions,we believe we successfully delivered Responsible Growth.While 2022 saw a broad decline in asset prices across both fxed income and equities,coupled with mixed volatility,our dedicated teams helped clients navigate these challenging market conditions by leveragin
278、g the breadth of our platform,while delivering for our shareholders,deepening existing relationships and adding nearly 600 new institutional clients.600 new institutional clients in 2022 700 analysts in BofA Global Research organization eight lines of business global markets 30|BANK OF AMERICA 2022
279、On a full-year basis,market conditions and client business activities drove sales and trading revenue of$16.5 billion,our highest performance since 2010,while capital markets fees decreased as companies were reluctant to come to market.In this mixed environment,our diversifed business model continue
280、d to work as expected.Our Equities franchise in particular achieved record sales and trading revenue,while our Fixed Income,Currencies and Commodities(FICC)businesses achieved its highest sales and trading revenue since 2011.Over the past two years,we invested in our FICC Macro products capabilities
281、,including currencies,interest rates and commodities products,yielding a sales and trading revenue increase of 38%year-over-year.Enhancing our capabilities and driving innovation Our focus remains on providing consistent,stable coverage and world-class capabilities to better serve our clients.Priori
282、tizing our investment in technology and data continues to drive our business forward.In 2022,building on our successful equities e-trading platform,our fxed income algorithms responded to approximately 90%of electronic tickets globally in some of the deepest bond markets,such as U.S.Treasuries,Europ
283、ean government bonds and U.S.investment grade corporate bonds.Additionally,in an already highly electronic market,our franchise foreign exchange(FX)algorithmic volumes increased 27%globally.By strengthening our core oferings and embracing next-generation technology,we continue to drive operational e
284、fciencies and automate workfows to reduce expenses.In 2022,we incorporated newer technologies,such as natural language processing,distributed ledger technology,low code solutions and operational bots,to automate and strengthen workfows and operations.By strengthening our core oferings and embracing
285、next-generation technology,we continue to drive operational efciencies and automate workfows to reduce expenses.Being a great place to work In 2022,we successfully launched our Financial Innovation program globally.Under the guidance of a mentor,junior-level teammates in the program are encouraged t
286、o bring their unique perspectives together and work collaboratively on a business-identifed challenge to drive actionable innovation and solutions.With more than 130 alumni to date,the program has provided an innovation framework and fueled a culture of continuous improvement.In addition to this pro
287、gram and others focused on our mid-level talent,the Global Markets Womens Leadership Series features external distinguished women business leaders to encourage diverse perspectives and inspire our teams to reach greater heights in their own career progression and client services.In partnership with
288、our teammates across the enterprise,we remain committed to making Bank of America a great place to work while delivering a world-class experience for our clients and Responsible Growth for shareholders.GLOBAL MARKETS Led by:Jim DeMare Providing solutions across the debt,equity,commodity and foreign
289、exchange markets to corporate,commercial,government and institutional investor clients around the world.Employee presence in 29markets,serving a globalfranchise Americas Derivatives House ofthe Year and Americas House ofthe Year for Equity Derivatives,FX Derivatives,Interest RateDerivatives and Comm
290、oditiesDerivatives(GlobalCapital,2022)Interest Rate Derivatives Houseof the Year(R,2022)Global Leader for SustainableProject Finance(Global Finance,2022)BANK OF AMERICA 2022|31$16.5Bin sales and trading revenue record high since 20109%increase in total sales and trading revenue year-over-year130+alu
291、mni of our Financial Innovation program,launched globally in 2022 local markets organization Local&Digital Spotlights 32|BANK OF AMERICA 2022 Delivering for our clients and communities through our market presidents Our market presidents deliver Responsible Growth by providing the full range of our c
292、apabilities across nearly 100 communities.Our presence in diferent U.S.markets makes us accessible and knowledgeable for our customers from coast to coast.As part of the local landscape,were familiar with an areas unique traits,as well as its organizations and resources.As part of each local communi
293、ty,we understand its economy,culture,strengths and challenges.We strive to deliver efective solutions and service by matching the right resources to our clients individual needs.Leading the way in these communities are Bank of America market presidents,who oversee integrated business teams to help d
294、eliver the full capabilities of our company to each client and lead our interactions with nonproft partners.Spotlighting our Chicago market Our teammates bring together the companys network of professionals and resources across every line of business to help improve clients fnancial lives,strengthen
295、 where we live and work and support employees in their professional growth.An example of this strategy in action is our Chicago market,where weve had a presence for more than 160 years and continue to grow market share by delivering for clients.Today,more than 5,200 teammates support our clients and
296、 communities in the area.Across all our lines of business,we provide solutions through a local network of more than 130 fnancial centers,470 ATMs and nearly 15 combined Merrill and The Private Bank ofces.We also recently opened our new Bank of America Tower along the Chicago River,the tallest commer
297、cial ofce building completed in the city in the past 30 years.In 2022,the team in Chicago worked with clients to help achieve their fnancial goals,which translated to$448 million in loans to small businesses,$14 billion in loans to commercial businesses,$937 million in home loans and$61 billion in t
298、otal FDIC deposits.“What sets us apart in Chicago,and how we are growing organically in the market,is the combination of our local knowledge and global resources to help our clients and partners achieve their goals,”said Rita S.Cook,president of Bank of America Chicago.“We have incredible integratio
299、n across the business to bring forward digital tools,personalized solutions and local experts,and to deploy capital to help solve some of Chicagolands most pressing needs.”One example of integrated delivery of the companys capabilities is the recent collaboration between The Private Bank,Global Mark
300、ets and Global Commercial Banking to provide our Corporate Employee Banking&Investing program to a Chicago-based fnancial services client.Another example is Merrill,with$89 billion in client balances in the market at year-end 2022,which connected Small Business Banking to a wealth management client
301、to seamlessly transition banking services for a wholesale manufacturing goods company they had recently purchased.The team is deeply embedded in the fabric of Chicagoland.The market directed$13 million in funding to more than 100 area nonproft organizations working to drive economic opportunity for
302、individuals and families in underserved communities in 2022.Chicago employees also personally support local nonprofts and community needs,including contributing more than 228,000 volunteer hours since 2018 to the causes they care about.One partner is the Chicago Community Loan Fund,which provides fe
303、xible fnancing and technical assistance to initiatives for low-and moderate-income neighborhoods,families and individuals.Its president,Calvin Holmes,was also recognized with the Bank of America Neighborhood Builders Racial Equality Award for his contributions to breaking racial barriers and creatin
304、g opportunities for people of color.The team also drives positive impact through the Bank of America Chicago Distance Series,including the 8K,half marathon and marathon events.The Bank of America Chicago Marathon alone generates more than$386 million in economic impact to Chicagoland annually,while
305、providing the equivalent of more than 2,800 jobs at a time of year when tourism in the city would otherwise experience a seasonal decline.Additionally,thousands of runners participate in the races Charity Program,raising a record-breaking$27.6 million in 2022.This commitment to local delivery is rep
306、licated in each of our local markets across the country,helping us deliver Responsible Growth for our clients,teammates and communities.BANK OF AMERICA 2022|33 Placing digital at the center of our client relationships Weve disrupted traditional banking to ofer award-winning digital experiences for c
307、onsumer,wealth management and business clients.Consistent investment in fnancial technology,plus a sustained focus on delivering timely and relevant digital solutions with the client top-of-mind,has fueled growth in digital engagement and satisfaction across most lines of business.With a record 11.6
308、 billion digital logins and 56 million verifed digital users in 2022up 3%year-over-year there are increasingly more digital touchpoints to make clients feel valued and in control of their fnancial wellbeing.From Erica,our virtual fnancial assistant that makes it easier for consumers to manage day-to
309、-day fnances,to digital tools that modernize and streamline business operations,were constantly innovating to deliver next-generation features and solutions that help clients manage their fnancial lives with increased ease,convenience and security.Bank of America mobile app Clients can manage their
310、banking,investment,retirement and wealth relationships from a single platform.Record 35.5M active mobile users in Q4 2022 87%mobile client satisfaction in 2022 7.8B+record mobile logins in 2022 local&digital spotlights digital capabilities 34|BANK OF AMERICA 2022 Erica Our popular virtual fnancial a
311、ssistant,Erica,excels at resolving client inquiries,helping clients get the help and fnd the answers they need.Assisted 33.5M total users with nearly 1.2B interactions since launch Merrill Guided Investing Our goals-based advisory program provides clients advice and a portfolio monitored and rebalan
312、ced by Merrill professionalsall at a low cost.Total assets under management grew from$0 to$15.9B in under 6 years.Payments&Zelle More and more,clients are using our digital platforms to move money,including fast,free and convenient options to pay family,friends and a growing number of small business
313、es.$2.8T moved by clients across our platforms in 2022(up 13%year-over-year)more than cash and check combined to accept and send payments Merrill Advisor Match Prospective clients answer a series of questionsranging from goals,communication style and personalityto match them with a customized list o
314、f Financial Advisors.Nearly 7K advisors have enrolled in the program since launch in fall 2022.Life Plan Bank of America Life Plan helps clients set and track fnancial goals,integrating banking,savings,lending and investing solutions with personalized insights and guidance.Nearly 9.4M clients have c
315、reated a Life Plan since 2020an increase of more than 3M clients year-over-year.CashPro&BA360 Our powerful and innovative digital platforms help businesses gain efciencies with tools that ft seamlessly into their workfow.75%of commercial,corporate and business banking clients are digitally active ac
316、ross our CashPro and BA360 platforms,as of November 2022.BANK OF AMERICA 2022|35 diverse entrepreneurs Community Impact 36|BANK OF AMERICA 2022 Helping diverse entrepreneurs drive economic opportunity We continue to support our communities by investing in local businesses.Some estimate that less tha
317、n 2%of venture capital funds are allocated to startups with diverse leaders.Our sustained commitment to providing funds for under-resourced business owners and entrepreneurs is helping women entrepreneurs and entrepreneurs of color establish and grow their businesses locally,generating economic oppo
318、rtunities that create jobs and build wealth.To power this investment,we provide capital for funds led by diverse managers,as well as growth equity funding for the minority entrepreneurs they support,to help diminish the barriers that make it difcult for Black/African American,Hispanic-Latino,Asian A
319、merican,Native American and other underrepresented minority and women entrepreneurs to access start-up and growth capital.Weve committed$421 million to more than 130 funds which are approximately 67%Black/African American owned/led,22%Hispanic-Latino owned/led and 59%women owned/led,and are ultimate
320、ly expected to invest in an estimated 2,000-plus minority-and women-led companies over fve years.Weve committed$421M to 130+funds owned or led by diverse entrepreneurs,including:67%Black/African Americans 22%Hispanic-Latinos 59%Women$200M low-cost deposit program in minority depository institutions
321、doubling our commitment We also work with an established network of community partners that provides capital or serves as depository institutions.For instance,in 2022 we doubled our low-cost deposit program in minority depository institutions to$200 million,which will in turn provide more access to
322、capital for minority and low-and moderate-income entrepreneurs and communities.Additionally,we launched the Bank of America Access to Capital Directory for Black Entrepreneurs and Hispanic-Latino Entrepreneurs,which has more than 440 sources of capital,ranging from grants to equity investments to lo
323、ans.The directory is also available in Spanish and builds on ongoing work with partners to connect entrepreneurs to capital,including the Tory Burch and Bank of America Capital Program and the Bank of America Loan Fund for Women Entrepreneurs at Kiva.Diverse entrepreneurs also need additional resour
324、ces and opportunities to manage and scale a successful business.In 2022,we announced an expansion of the Bank of America Institute for Womens Entrepreneurship at Cornell,bringing the total enrollment of small business owners to 100,000,90%of whom identify as women of color.Through our Global Ambassa
325、dors Program,we continue to support Vital Voices,investing in emerging women leaders around the world,and the Cherie Blair Foundation for Women,helping to enable women in developing economies to build business skills and access capital.Through these programs,weve provided nearly one million hours of
326、 training and mentoring to women from over 140 countries,enabling more than 130,000 women entrepreneurs to grow their businesses.These commitments are part of our longstanding work to help advance racial equality and economic opportunity,invest in women and economically empower our communities aroun
327、d the world.“Bank of America has always been a part of my lifefrom opening a savings account as a child to my frst credit card and,now,to being partners in a shared vision of fnancial inclusion.VamosVentures believes a strong and competitive America requires fnding and supporting the best talent and
328、 ideas,wherever they may be.As an Angelino,Latino and American,Im proud of the work were doing,and Im proud to call Bank of America a partner.”Marcos C.Gonzalez Founder and Managing Partner VamosVentures“It takes diverse investors to identify the overlooked opportunities where value will be created
329、over the next decade.Bank of Americas investment in emerging managers substantiates the return potential and allows for the next generation of innovators to thrive.”Heather Hartnett Founding Partner and CEO Human Ventures“Bank of Americas commitment accelerated our investments in women and minority
330、founders nationwide and also allowed us to attract a broader audience of investors.More importantly,Bank of America has been a true partner,helping us evaluate several companies in our portfolio for potential business relationships and partnerships.”Nitin Rai Founder and Managing Partner Elevate Cap
331、ital“Bank of Americas commitment to Black-led funds was instrumental in BTN.vcs early success.Leveraging the banks purposeful investment and powerful brand allowed BTN.vc to quickly reach a$25 million frst close in 2021 towards a$50 million goal.Weve now been able to fund a portfolio of 100%diverse,
332、high-potential sofware companies currently 80%Black and 80%women.”Kelauni Jasmyn General Partner Black Tech Nation Ventures BANK OF AMERICA 2022|37 community impact sustainable finance Financing a secure energy future In 2021,we set a goal to achieve net zero greenhouse gas emissions in our fnancing
333、,operations and supply chain before 2050.We are already carbon neutral in our operations,procure all of our electricity from renewable sources and,in 2022,announced 2030 targets for reducing emissions associated with fnancing activities related to auto manufacturing,energy and power generation.We work across our company and with our clients to support societys transition to a secure,low-carbon eco