BANK OF AMERICA CORP /DE/

Global Banking, which includes Global Corporate Banking, Global Commercial Banking, Business Banking and Global Investment Banking, provides a wide range of lending-related products and services, integrated working capital management and treasury solutions, and underwriting and advisory services through our network of global offices and client relationship teams. For more information about Global Banking, see Business Segment Operations in the MD&A of the Corporation’s 2025 Annual Report on Form 10-K.

Net income for Global Banking decreased $95 million to $2.0 billion due to higher noninterest expense and lower noninterest income, partially offset by higher net interest income and lower provision for credit losses.

Net interest income increased $118 million to $3.3 billion primarily due to the benefit of higher average deposit and loan balances, partially offset by lower interest rates on loans.

Noninterest income decreased $102 million to $2.9 billion primarily due to lower investment banking fees, partially offset by higher treasury service charges.

The provision for credit losses decreased $59 million to $210 million primarily driven by improved asset quality within the commercial real estate portfolio.

Noninterest expense increased $206 million to $3.3 billion primarily due to continued investments in the business, including people and technology.

Net income for Global Banking increased $416 million to $6.1 billion due to higher noninterest income and net interest income, as well as lower provision for credit losses, partially offset by higher noninterest expense.

Net interest income increased $314 million to $9.7 billion primarily due to the same factors as described in the three-month discussion.

Noninterest income increased $544 million to $9.0 billion primarily due to higher investment banking fees, treasury service charges and tax-related equity investment income, partially offset by gains related to sales of certain leveraged finance positions in the prior-year period.

The provision for credit losses decreased $90 million to $610 million primarily driven by improved asset quality within the commercial real estate portfolio, partially offset by loan growth in the commercial and industrial portfolio and a qualitative reserve build related to uncertainties associated with the ongoing conflicts in the Middle East.

Noninterest expense increased $374 million to $9.7 billion, primarily due to the same factors as described in the three-month discussion.

Global Corporate, Global Commercial and Business Banking

The following table and discussion present a summary of results, which exclude certain investment banking and other activities in Global Banking.

Business Lending revenue decreased $57 million for the three months ended September 30, 2026 compared to the same period a year ago primarily driven by lower interest rates on loans, partially offset by the benefit of higher average loan balances as well as higher tax-related equity investment income. Business Lending revenue decreased $33 million for the nine months ended September 30, 2026 compared to the same period a year ago primarily driven by the same factors as described in the three-month discussion.

Global Transaction Services revenue increased $301 million for the three months ended September 30, 2026, primarily driven by the benefit of higher average deposit balances and lower interest rates paid on deposits, as well as higher treasury service charges. Global Transaction Services revenue increased $777 million for the nine months ended September 30, 2026 primarily driven by the benefit of higher average deposit balances and higher treasury service charges.

Average loans and leases of $418.9 billion increased eight percent for the three months ended September 30, 2026, and average loans and leases of $409.8 billion increased six percent for the nine months ended September 30, 2026 due to client demand.

Average deposits of $668.6 billion increased six percent for the three months ended September 30, 2026, and average deposits of $656.1 billion increased nine percent for the nine months ended September 30, 2026 due to growth in deposit balances from existing clients and the addition of new clients.

Global Investment Banking

Client teams and product specialists underwrite and distribute debt, equity and loan products, and provide advisory services and tailored risk management solutions. The economics of certain investment banking and underwriting activities are shared primarily between Global Bankingand Global Markets under an internal revenue-sharing arrangement. Global Banking originates certain deal-related transactions with our corporate and commercial clients that are executed and distributed by Global Markets. To provide a complete discussion of our consolidated investment banking fees, the table below presents total Corporation investment banking fees and the portion attributable to Global Banking.

15 Bank of America

(1)Represents investment banking fees on Bank of America issuances that are eliminated through All Otherin consolidation.

Total Corporation investment banking fees, which exclude self-led deals and are primarily included within Global Banking and Global Markets, were $1.8 billion and $5.8 billion for the three and nine months ended September 30, 2026. The three-month period decreased 11 percent compared to the same period in 2025 due to lower debt issuance and advisory fees. The nine-month period increased 16 percent compared to the same period in 2025 due to higher equity issuance, advisory and debt issuance fees.