BANK OF AMERICA CORP /DE/

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. For more information about Global Markets, see Business Segment Operations in the MD&A of the Corporation’s 2025 Annual Report on Form 10-K.

The following explanations for period-over-period changes in results for Global Markets, including those disclosed under Sales and Trading Revenue, are the same for amounts including and excluding net DVA. Amounts excluding net DVA are non-GAAP financial measures. For more information on net DVA, see Supplemental Financial Data on page 6.

Net income for Global Markets increased $1.1 billion to $2.6 billion for the three months ended June 30, 2026 compared to the same period in 2025. Net DVA losses totaled $57 million compared to $51 million in 2025. Excluding net DVA, net income increased $1.1 billion to $2.7 billion. These increases were primarily driven by higher revenue, partially offset by higher noninterest expense.

Revenue increased $2.0 billion to $8.0 billion primarily due to higher sales and trading revenue and investment banking fees. Sales and trading revenue, including and excluding net DVA, increased $1.8 billion. These increases were primarily driven by higher revenue in Equities and Fixed-income, Currencies and Commodities (FICC).

Noninterest expense increased $678 million to $4.5 billion primarily driven by higher revenue-related expenses and continued investments in the business, including people and technology.

Average total assets increased $97.6 billion to $1.1 trillion for the three months ended June 30, 2026 compared to the same period in 2025 driven by increased financing activity and loan growth.

Net income for Global Markets increased $1.2 billion to $4.6 billion for the six months ended June 30, 2026 compared to the same period in 2025. Net DVA gains were $6 million compared to losses of $32 million in 2025. Excluding net DVA, net income increased $1.1 billion to $4.6 billion. These increases were primarily driven by higher revenue, partially offset by higher noninterest expense.

Revenue increased $2.6 billion to $15.1 billion primarily due to higher sales and trading revenue and investment banking fees, partially offset by gains related to sales of certain leveraged finance positions in the prior-year period. Sales and trading revenue, including and excluding net DVA, increased $2.5 billion. These increases were driven by higher revenue in Equities and FICC. For more information, see Sales and Trading Revenue in this section.

Noninterest expense increased $1.2 billion to $8.9 billion primarily driven by the same factors as described in the three-month discussion.

Average total assets increased $114.8 billion to $1.1 trillion for the six months ended June 30, 2026 compared to the same period in 2025 driven by increased financing activity, loan growth and higher levels of inventory. Period-end total assets increased $74.1 billion from December 31, 2025 to $1.1 trillion driven by increased financing activity.

Sales and Trading Revenue

For a description of sales and trading revenue, see Business Segment Operations in the MD&A of the Corporation’s 2025 Annual Report on Form 10-K. The following table and related discussion present sales and trading revenue, substantially all of which is in Global Markets, with the remainder in Global Banking. In addition, the following table and related discussion also present sales and trading revenue, excluding net DVA, which is a non-GAAP financial measure. For more information on net DVA, see Supplemental Financial Data on page 6.

(1)For more information on sales and trading revenue, see Note 3 – Derivatives to the Consolidated Financial Statements.

(2)Includes FTE adjustments of $222 million and $396 million for the three and six months ended June 30, 2026 compared to $216 million and $294 million for the same periods in 2025.

(3)Includes Global Banking sales and trading revenue of $227 million and $469 million for the three and six months ended June 30, 2026 compared to $212 million and $175 million for the same periods in 2025.

(4)FICC and Equities sales and trading revenue, excluding net DVA, is a non-GAAP financial measure. FICC net DVA losses were $60 million and $11 million for the three and six months ended June 30, 2026 compared to $54 million and $39 million for the same periods in 2025. Equities net DVA gains were $3 million and $17 million for the three and six months ended June 30, 2026 compared to $3 million and $7 million for the same periods in 2025.

17 Bank of America

Including and excluding net DVA, FICC revenue increased $281 million and $287 million for the three months ended June 30, 2026 compared to the same period in 2025. These increases were driven by improved trading performance in credit products and commodities. Including and excluding net DVA, Equities revenue increased $1.5 billion driven by increased client financing activity and a strong trading performance in derivatives and cash.

Including and excluding net DVA, FICC revenue increased $347 million and $319 million for the six months ended June 30, 2026 compared to the same period in 2025 due to the same factors as described in the three-month discussion. Including and excluding net DVA, Equities revenue increased $2.1 billion due to the same factors as described in the three-month discussion.