Company Overview

Bank of America is one of the world’s largest financial organizations, providing a full range of banking, investing, asset management, and other financial and risk management products and services to individual customers, small and middle-market enterprises, and large corporations. In the United States, the corporation provides unrivaled convenience to nearly 67 million consumer and small business clients through about 4,100 retail financial centers, approximately 16,000 ATMs, and award-winning digital banking with approximately 54 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking, and trading across many asset classes, servicing enterprises, governments, institutions, and individuals worldwide.

Bank of America is one of the world’s major financial institutions, offering individual clients, small and middle-market businesses, and large companies a comprehensive range of banking, investing, asset management, and other financial and risk management products and services. In the United States, the corporation offers unparalleled convenience to roughly 67 million consumer and small business clients via approximately 4,100 retail financial centers, approximately 16,000 ATMs, and award-winning digital banking with approximately 54 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking, and trading across many asset classes, serving businesses, governments, institutions, and individuals throughout the world.

Bank of America Environmental, Social, and Governance Approach

At Bank of America, we are united by a single goal: to improve people’s financial lives through the power of every relationship. We’re doing so through responsible growth, with an emphasis on environmental, social, and governance (ESG) leadership. ESG is woven throughout our eight business lines and reflects how we contribute to the global economy, develop trust and credibility, and represent a company that people want to work for, invest in, and do business with. It is evident in the inclusive and supportive environment we provide for our workers, the responsible products and services we provide to our clients, and the global influence we have in assisting local economies to develop.

Forming solid connections with NGOs and advocacy groups, such as community, consumer, and environmental organizations, is a crucial element of this effort since it allows us to pool our collective networks and knowledge to accomplish a greater effect.

2021 Bank of America Annual Report.

Over the last year, your organization met our objective of improving people’s financial lives—and did it in a way that benefited clients, teammates, shareholders, and society alike. We delivered Responsible Growth against the backdrop of the global epidemic and its ongoing problems. With that in mind, I’d want to begin this report by thanking my 208,000 coworkers around the world for their hard work and dedication in making this all possible. While I appreciate my teammates in general, I especially congratulate three senior colleagues who have been essential in our success over the previous many years and will retire at the end of 2021: Anne Finucane, Tom Montag, and Andrea Smith.

These executives delivered for our employees and shareholders while also being excellent teammates. One of their efforts to build strong individuals to thrive and carry on the company’s objective was a testimonial to their leadership. On page 13, you can observe how our present management team shows their development efforts. I’d also like to thank our Board of Directors, particularly Lionel Nowell III, our Lead Independent Director, for their leadership. We also acknowledge and thank Tom May and Sue Bies, two directors who are retiring and will not be running for reelection at our annual shareholders’ meeting. Tom joined the board of a predecessor business in 1994. He joined the Bank of America board of directors in 2004 and served as chair of our Audit and Corporate Governance, ESG, and Sustainability Committees. Sue joined the board in 2009, at the height of the financial crisis.

Both colleagues have shared a wealth of knowledge with all of us. On page 10, Lionel discusses our company’s performance in 2021 and his prognosis for the future. In almost every way, 2021 was a fantastic year for our company and you, our shareholders. On $89.1 billion in revenue, we earned a record $32.0 billion, or $3.57 per diluted share. Total assets surged to $3.2 trillion, while deposits increased to more than $2 trillion. Asset quality was excellent, with net consumer loan charge-offs approaching a 50-year low. We kept our capital and liquidity levels high. Our stock price grew 47 percent year over year, beating the S & an mp  ; P 500 and the broader bank index. Our stock has performed well, whether you are a new shareholder or have owned it for many years. Our 3-, 5-, and 10-year stock price increases all beat the broader bank index by the end of 2021, and our 10-year return was over 700 percent.