Bank of America (BofA) released its 2023 Annual Report, highlighting a net income of $26.5 billion despite pre-tax charges totaling $3.7 billion related to FDIC assessments and the cessation of the Bloomberg Short-term Bank Yield Index. Excluding these charges, the adjusted net income was $29.3 billion. The report emphasized the bank's commitment to Responsible Growth, with strong returns on equity and increased dividends to shareholders. BofA also focused on its digital capabilities, with 75% of Consumer households actively using digital platforms. The bank's CEO, Brian Moynihan, reflected on the challenges of the past few years, including the COVID-19 pandemic, inflation, and geopolitical tensions, while noting the bank's consistent performance and well-positioned strategy for future growth. BofA's efforts in...Show More

Bank of America (BofA) released its 2023 Annual Report, highlighting a net income of $26.5 billion despite pre-tax charges totaling $3.7 billion related to FDIC assessments and the cessation of the Bloomberg Short-term Bank Yield Index. Excluding these charges, the adjusted net income was $29.3 billion. The report emphasized the bank's commitment to Responsible Growth, with strong returns on equity and increased dividends to shareholders. BofA also focused on its digital capabilities, with 75% of Consumer households actively using digital platforms. The bank's CEO, Brian Moynihan, reflected on the challenges of the past few years, including the COVID-19 pandemic, inflation, and geopolitical tensions, while noting the bank's consistent performance and well-positioned strategy for future growth. BofA's efforts in community impact, sustainable finance, and human capital management were also outlined, including a $15 billion Community Homeownership Commitment and a $1.5 trillion pledge to support Sustainable Development Goals by 2030. The report included governance details, such as board diversity and ethical behavior policies, and recognized the bank's various awards for sustainability, diversity, and employee engagement.