Our company

Our strategy

Learn how Bank of America is driving responsible growth.

Driving responsible growth

Our commitment to responsible growth is resolute.

Responsible growth has four pillars: We have to grow — no excuses. We have to grow by delivering more for our customers and clients. We have to grow by managing risk well. And, our growth must be sustainable. Sustainable means we have to share our success with our communities, we have to be a great place to work for our teammates, and we have to drive operational excellence. This creates the ability to reinvest the savings back into our team, our capabilities, our client experience, and our communities and shareholders.

We must grow and win in the market — no excuses

The first tenet of responsible growth is that we have to grow, no excuses. Each of our businesses continue to grow. Over the last four years, deposits have grown 4 percent and loans across all our business segments have grown 6 percent on average. Our growth in client deposits funds our loan growth across all of our businesses and enables us to continue to grow net interest income, even if further interest rate rises fail to materialize.

Our eight lines of business grew as a result of deepening client relationships and developing new relationships.

We must grow with our customer-focused strategy

We serve three groups of customers — people, companies, and institutional investors. In the U.S. we serve all three customer groups, and outside the U.S. we serve larger companies and institutional investors. This business model simplifies our operations and reduces our risk profile.

People: We believe we have the best consumer, small business and wealth-management franchise in the country. We serve more than one in three U.S. households and more than 9 million business-owner clients. We see continued growth in our digital and mobile channels, with 37 million digital banking users; nearly 27 million are active mobile banking customers.

Companies: Our Global Banking business works with virtually every company in the S&P 500. Global Banking delivers solid and recurring profitability. Recognizing the businesses we serve are the engines of the economy, we bring the broadest array of solutions, both domestic and international, to our clients to help companies grow, improve cash flow and invest for the future.

Institutions: Turning to the institutional investors we serve, our Global Markets business is one of the most capable platforms in the world. This business provides capital to companies necessary for growth and serves many of the world’s largest institutional investors who manage savings and investments through pension and retirement funds. Our presence and global reach in fixed income and equity products allow us to provide them access to investment opportunities.

As we look across our businesses and the clients they serve, we have a leading set of capabilities in every area where we operate. That is the power of this company; that is the strength of the model and the balance we are striking to ensure we are doing all we can for our customers and clients, while optimizing our balance sheet to perform efficiently with the post-crisis regulations.

We must grow within our Risk Framework

As a financial services company, risk is inherent in all of our business activities. Managing risk well is fundamental to our business, and we strive to be the very best at managing all types of risk, and to do so in a responsible manner that serves our clients, shareholders, and communities, and helps the economy grow.

Whether investing in a small business, making a credit decision, or preventing fraud, our work calls for sound judgment and a commitment to doing what’s right for our customers, shareholders, and communities. Our culture emphasizes that we are one team, and we have a shared responsibility to manage risk well, act responsibly, and escalate issues so they can be addressed proactively.

Our Risk Framework, together with our purpose, is the foundation of our culture and describes our approach to managing risk well so we can run our business and grow responsibly. The Risk Framework sets forth clear ownership and accountability for managing risk across the company to ensure that we maintain strong risk-management discipline.

We have invested to maintain the most capable risk-management practices, and we are committed to best-in-class risk-management capabilities.

We must grow in a sustainable manner

We must ensure responsible growth is sustainable. This requires progress across three dimensions: sharing our success with our communities; striving to be a great place to work for our employees; and driving operational excellence.

Sharing success with the communities we serve

There are many ways we share our success. Whether through our employee volunteers, our philanthropic giving or our capital deployment efforts, we continue to align our work to serve shareholder interests and address the priorities of our communities at the same time so our progress can be sustainable.

Being a great place to work

To be sustainable, we must remain a great place to work for our employees. We do this by providing employee development and opportunities for growth, by providing comprehensive health and wellness benefits, making regular adjustments to starting-level compensation at our company, and much more. For more details, review the letter from Chief Human Resources Officer Sheri Bronstein in our 2018 Annual Report.

Driving operational excellence

Our focus on operational excellence – continuous improvement in our internal and external processes to make it easier for our employees to work with each other and to serve clients and customers – is another way we ensure responsible growth is sustainable. By focusing on operational excellence, we can continue to invest in our capabilities and in our team, even as we maintain expense discipline.