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	5	+= Summary =
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	7	+* Bank of America is one of the world's largest financial institutions.
	8	+* Bank of America Corporation is a a bank holding and a financial holding company.
	9	+* The bank serving approximately 68 million consumer and small business clients with approximately 3,900 retail financial centers, approximately 16,000 ATMs
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	12	+[[image:BAC0.png||height="171" width="720"]]
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	15	+Bank of America Corporation (NYSE:BAC) is a bank holding and a financial holding company. Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses, institutional investors, large corporations and governments with a full range of banking, investing, asset management and other financial and risk management products and services.
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	18	+= Financial Highlights =
	19	+
	20	+**Third-Quarter 2022 Results**{{footnote}}https://d1io3yog0oux5.cloudfront.net/_01df601be41043484826b267c16eacb5/bankofamerica/db/806/9760/earnings_release/The+Press+Release+3Q22.pdf{{/footnote}}
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	22	+* Net income of $7.1 billion, or $0.81 per diluted share
	23	+* Pretax income declined 7% to $8.3 billion reflecting a reserve build compared to a reserve release in Q3-21
	24	+* Revenue, net of interest expense, increased 8% to $24.5 billion
	25	+* Provision for credit losses of $898 million increased $1.5 billion
	26	+* Noninterest expense increased $863 million, or 6%, to $15.3 billion and included $354 million related to the settlement of legacy monoline insurance litigation
	27	+* Average loan and lease balances up $114 billion, or 12%, to $1.0 trillion led by strong commercial loan growth as well as higher credit card balances
	28	+* Average deposits up $20 billion, or 1%, to $2.0 trillion
	29	+* Average Global Liquidity Sources of $941 billion
	30	+* Return on average common shareholders' equity ratio of 10.8%; return on average tangible common shareholders' equity ratio of 15.2%
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	33	+**Consumer Banking**
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	35	+* Net income of $3.1 billion
	36	+* Client balances of $1.6 trillion, up 1%4
	37	+* Average deposits of more than $1 trillion, up $68 billion, or 7%
	38	+* Combined credit/debit card spend of $218 billion, up 9%
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	41	+**Global Wealth and Investment Management**
	42	+
	43	+* Net income of $1.2 billion
	44	+* Client balances of $3.2 trillion, down 12%, driven by lower market valuations, partially offset by net client flows
	45	+* Pretax margin of 29%
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	47	+
	48	+**Global Banking**
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	50	+* Net income of $2.0 billion
	51	+* Total investment banking fees (excl. self-led) of $1.2 billion, decrease of 46%, reflecting weaker industry-wide underwriting activity this year
	52	+* No. 3 in investment banking fees
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	54	+
	55	+**Global Markets**
	56	+
	57	+* Net income of $1.1 billion
	58	+* Sales and trading revenue up 13% to $4.1 billion, including net debit valuation adjustment (DVA) losses of $14 million; Fixed Income Currencies and Commodities (FICC) revenue of $2.6 billion and Equities revenue of $1.5 billion
	59	+* Excluding net DVA(H), sales and trading revenue up 13% to $4.1 billion; FICC up 27% to $2.6 billion; Equities down 4% to $1.5 billion
	60	+* Zero days of trading losses in Q3-22
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	63	+[[image:BAC2.jpg]]
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5	5	= Business Overview =
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7		-Bank of America Corporation (BAC) and its subsidiaries, or certain of Bank of America Corporation’s subsidiaries or affiliates. The company's principal executive offices are located in Charlotte, North Carolina. Through its banking and various nonbank subsidiaries throughout the U.S. and in international markets, the company provide a diversified range of banking and nonbank financial services and products through four business segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking and Global Markets, with the remaining operations recorded in All Other. The company operate its banking activities primarily under the Bank of America, National Association (Bank of America, N.A. or BANA) charter. At March 31, 2018, the Corporation had approximately $2.3 trillion in assets and a headcount of approximately 208,000 employees. Headcount has remained relatively unchanged since December 31, 2017.
	68	+Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 68 million consumer and small business clients with approximately 3,900 retail financial centers, approximately 16,000 ATMs and award-winning digital banking with approximately 56 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries.{{footnote}}https://newsroom.bankofamerica.com/content/newsroom/company-overview.html{{/footnote}}
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9		-As of March 31, 2018, the company served clients through operations across the United States, its territories and more than 35 countries. The company's retail banking footprint covers approximately 85 percent of the U.S. population, and the company serve approximately 47 million consumer and small business relationships with approximately 4,400 retail financial centers, approximately 16,000 ATMs, and leading digital banking platforms (www.bankofamerica.com) with approximately 36 million active users, including approximately 25 million active mobile users. The company offer industry-leading support to approximately three million small business owners. The company's wealth management businesses, with client balances of over $2.7 trillion, provide tailored solutions to meet client needs through a full set of investment management, brokerage, banking, trust and retirement products. Bank of America is a global leader in corporate and investment banking and trading across a broad range of asset classes serving corporations, governments, institutions and individuals around the world.
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11		-**First Quarter 2018 Economic and Business Environment**
	71	+[[image:BAC1.jpg]]
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13		-U.S. macroeconomic trends in the first quarter were characterized by moderate economic growth, low inflation and a strong labor market. Gross domestic product (GDP) growth for the first quarter of 2018 was moderate and lower than previously estimated, with actual GDP growth of 2.3 percent, well below the fourth quarter’s 2.9 percent annualized pace. Notably, retail sales slowed in the first quarter compared to the fourth quarter. Nevertheless, economic fundamentals point to a second-quarter pickup. Consumer confidence remains near cyclical highs, which along with the robust labor market, point to the likelihood of a household spending rebound in the second quarter. Business investment in equipment and software accelerated over 2017. Both manufacturing and non-manufacturing investments are near their highs of the current economic expansion.
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15		-Housing activity showed some signs of growth during the first quarter, with continued solid price appreciation when compared to the fourth quarter of 2017. Selling rates are near year-ago levels with continued persistent supply shortages.
	74	+= Business Segments =
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17		-Labor market conditions remain strong. Nonfarm payroll growth has been volatile month-to-month but solid on a trend basis. Initial jobless claims are near historic lows. The unemployment rate was 4.1 percent at the end of the quarter, unchanged for six consecutive months, as strong employment gains have been met with solid increases in labor force growth. Wage growth, however, has been relatively muted.
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19		-Inflation strengthened in the first quarter, led by gains in apparel, health care and energy. The core Consumer Price Index increased at a three-percent annualized rate, the fastest quarterly rise of the current business expansion, although the less volatile year-on-year rate remained at 2.1 percent.
	77	+The company report its results of operations through the following four business segments: Consumer Banking, GWIM, Global Banking and Global Markets, with the remaining operations recorded in All Other.
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21		-Equity markets increased substantially through the end of 2017 and into early 2018, with anticipation and enactment of corporate tax reform being the main catalysts, as well as a synchronous global economic expansion. However, equity volatility increased sharply in early February and periodically in March. The S&P 500 finished the first quarter down 1.2 percent from the year end. The 10-year Treasury yield finished the first quarter at 2.76 percent, up from 2.41 percent at the end of 2017. Although the Treasury yield curve steepened during the equity sell-off, the curve subsequently flattened back to levels that prevailed at the end of 2017. The U.S. dollar index trended lower through most of the first quarter.
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23		-The Federal Reserve raised its target Federal funds rate corridor to 1.5 to 1.75 percent, the sixth 25-basis point (bp) rate increase of the current cycle. Current Federal Reserve baseline forecasts suggest gradual rate increases will continue into 2018 against a backdrop of solid economic expansion and a tightening labor market. The Federal Open Market Committee also upgraded their economic forecasts, with somewhat faster GDP growth expected this year and in 2019, and a lower trough anticipated for the unemployment rate. Federal Reserve balance sheet normalization is continuing as initially scheduled.
	80	+== Consumer Banking ==
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25		-International trade tensions escalated in the first quarter. The U.S. Administration announced plans for broad-based tariffs on steel and aluminum, although subsequently gave exemptions to various trading partners. The Administration also announced plans for tariffs on imports from China, and the Chinese government announced retaliatory measures. Full enactment of the tariffs remains subject to negotiation and further review by the Administration.
	82	+Consumer Banking, comprised of Deposits and Consumer Lending, offers a diversified range of credit, banking and investment products and services to consumers and small businesses. Deposits and Consumer Lending include the net impact of migrating customers and their related deposit, brokerage asset and loan balances between Deposits, Consumer Lending and GWIM, as well as other client-managed businesses. The company's customers and clients have access to a coast-to-coast network including financial centers in 38 states and the District of Columbia. As of December 31, 2021, its network includes approximately 4,200 financial centers, approximately 16,000 ATMs, nationwide call centers and leading digital banking platforms with more than 41 million active users, including approximately 33 million active mobile users.
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27		-After posting its strongest annual GDP growth in 10 years in 2017, economic activity in the eurozone lost some momentum in the first quarter of the year. Despite the positive trend in growth, underlying inflationary pressures have remained dormant. In this context, the European Central Bank continued with the tapering of its quantitative easing program. The impact of the 2016 U.K. referendum vote in favor of leaving the European Union (EU) continues to weigh on the U.K. economy which, in line with the eurozone, has also showed some signs of slowing in the first three months of the year.
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29		-Supported by a very accommodative monetary policy stance and sustained growth in external demand, the Japanese economy has continued to expand with headline inflation reaching its highest level since 2015. Across emerging nations, economic activity was supported by China’s continued transition towards a more consumption-based growth model.
	85	+== Global Wealth & Investment Management ==
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31		-== **Capital Management** ==
	87	+GWIM consists of two primary businesses: Merrill Wealth Management (MWM) and Bank of America Private Bank.
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33		-During the first quarter of 2018, the company repurchased approximately $4.9 billion of common stock pursuant to the Board of Directors’ (the Board) June 2017 repurchase authorization under its 2017 Comprehensive Capital Analysis and Review (CCAR) capital plan, including repurchases to offset equity-based compensation awards, and an additional share repurchase authorization in December 2017. For more information, see Capital Management on page 18.
	89	+MWM's advisory business provides a high-touch client experience through a network of financial advisors focused on clients with over $250,000 in total investable assets. MWM provides tailored solutions to meet clients' needs through a full set of investment management, brokerage, banking and retirement products.
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35		-== **Trust Preferred Securities Redemption** ==
	91	+Bank of America Private Bank, together with MWM's Private Wealth Management business, provides comprehensive wealth management solutions targeted to high net worth and ultra high net worth clients, as well as customized solutions to meet clients' wealth structuring, investment management, trust and banking needs, including specialty asset management services.
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37		-On April 30, 2018, the Corporation announced that it has submitted redemption notices for 11 series of trust preferred securities, which will result in the redemption of such trust preferred securities, along with the trust common securities (held by the Corporation or its affiliates), on June 6, 2018. The Corporation has received all necessary approvals for these redemptions. Upon the redemption of the trust preferred securities and the extinguishment of the related junior subordinated notes issued by the Corporation, expected to occur in the second quarter of 2018, the Corporation will record a charge to other income and pretax income estimated to be approximately $800 million, subject to certain redemption price calculations at that time. For additional information, see the Corporation’s Current Report on Form 8-K filed on April 30, 2018.
	93	+
	94	+== Global Banking ==
	95	+
	96	+Global Banking, which includes Global Corporate Banking, Global Commercial Banking, Business Banking and Global Investment Banking, provides a wide range of lending-related products and services, integrated working capital management and treasury solutions, and underwriting and advisory services through its network of offices and client relationship teams. The company's lending products and services include commercial loans, leases, commitment facilities, trade finance, commercial real estate lending and asset-based lending. The company's treasury solutions business includes treasury management, foreign exchange, short-term investing options and merchant services. The company also provide investment banking products to its clients such as debt and equity underwriting and distribution, and merger-related and other advisory services. Underwriting debt and equity issuances, fixed-income and equity research, and certain market-based activities are executed through its global broker-dealer affiliates, which are its primary dealers in several countries. Within Global Banking, Global Corporate Banking clients generally include large global corporations, financial institutions and leasing clients. Global Commercial Banking clients generally include middle-market companies, commercial real estate firms and not-for-profit companies. Business Banking clients include mid-sized U.S.-based businesses requiring customized and integrated financial advice and solutions.
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	98	+
	99	+== Global Markets ==
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	101	+Global Markets offers sales and trading services and research services to institutional clients across fixed-income, credit, currency, commodity and equity businesses. Global Markets product coverage includes securities and derivative products in both the primary and secondary markets. Global Markets provides market-making, financing, securities clearing, settlement and custody services globally to its institutional investor clients in support of their investing and trading activities. The company also work with its commercial and corporate clients to provide risk management products using interest rate, equity, credit, currency and commodity derivatives, foreign exchange, fixed-income and mortgage-related products. As a result of its market-making activities in these products, the company may be required to manage risk in a broad range of financial products including government securities, equity and equity-linked securities, high-grade and high-yield corporate debt securities, syndicated loans, MBS, commodities and asset-backed securities. The economics of certain investment banking and underwriting activities are shared primarily between Global Markets and Global Banking under an internal revenue-sharing arrangement. Global Banking originates certain deal-related transactions with its corporate and commercial clients that are executed and distributed by Global Markets.
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	104	+== All Other ==
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	106	+All Other primarily consists of ALM activities, liquidating businesses and certain expenses not otherwise allocated to a business segment. ALM activities encompass interest rate and foreign currency risk management activities for which substantially all of the results are allocated to its business segments.
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	109	+= References =
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	112	+{{putFootnotes/}}