Bank of America co-president Jim DeMare said the bank continues to see resilience in the U.S. economy and is targeting growth in international banking, wealth management and technology. Speaking in London, DeMare cited U.S. nominal GDP growth approaching 7%, sustained discretionary spending, elevated deposits and small-business optimism, noting the bank serves 46,000 banking clients, 4.2 million consumer investment customers and processes about $500 trillion in payments annually. The bank reiterated investor-day targets for its international business, including a $4 billion increase in revenue, about $2 billion in pretax income and an approximately 18% return on allocated capital, and aims to grow its consumer investment business from roughly $600 billion in assets toward $1 trillion. Bank of America has hired approximately 34 to 35 managing directors so far this year and expects to hire more financial advisors than last year, with assets tied to those hires nearly double anticipated levels. On technology, DeMare said internal AI tools serve about 200,000 employees and productivity for its 19,000 to 20,000 coders has improved by roughly 15% to 20%, while capital allocation prioritizes financial strength before investments, dividends and buybacks, with return targets of 16% to 18%.
Bank of America CorpBank of America reiterates investor-day targets including a $4 billion international revenue increase, ~$2 billion pretax income, and 16-18% return targets.
