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 decreased $413 million to $1.2 billion for the three months ended September 30, 2026 compared to the same period in 2025. Net DVA gains totaled $20 million compared to $14 million in 2025. Excluding net DVA, net income decreased $417 million to $1.2 billion. These decreases were primarily driven by lower revenue and higher noninterest expense.

Revenue decreased $358 million to $5.9 billion primarily due to lower sales and trading revenue and investment banking fees. Including net DVA, sales and trading revenue decreased $287 million. Excluding net DVA, sales and trading revenue decreased $293 million. These decreases were primarily driven by lower revenue in FICC, partially offset by higher revenue in Equities. For more information, see Sales and Trading Revenue in this section.

Noninterest expense increased $300 million to $4.2 billion primarily driven by higher revenue-related expenses and continued investments in the business, including people and technology.

Average total assets increased $67.5 billion to $1.1 trillion for the three months ended September 30, 2026 compared to the same period in 2025 driven by increased financing activity and loan growth.

Net income for Global Markets increased $741 million to $5.9 billion for the nine months ended September 30, 2026 compared to the same period in 2025. Net DVA gains were $26 million compared to losses of $18 million in 2025. Excluding net DVA, net income increased $707 million to $5.8 billion. These increases were primarily driven by higher revenue, partially offset by higher noninterest expense.

Revenue increased $2.2 billion to $21.0 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 $2.2 billion. These increases were driven by higher revenue in Equities. For more information, see Sales and Trading Revenue in this section.

Noninterest expense increased $1.5 billion to $13.0 billion primarily driven by the same factors as described in the three-month discussion.

Average total assets increased $98.9 billion to $1.1 trillion for the nine months ended September 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 $19.5 billion from December 31, 2025 to $1.1 trillion driven by loan growth and higher levels of inventory.

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 $90 million and $486 million for the three and nine months ended September 30, 2026 compared to $155 million and $449 million for the same periods in 2025.

(3)Includes Global Banking sales and trading revenue of $175 million and $644 million for the three and nine months ended September 30, 2026 compared to $172 million and $347 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 gains (losses) were $17 million and $6 million for the three and nine months ended September 30, 2026 compared to $14 million and $(25) million for the same periods in 2025. Equities net DVA gains (losses) were $3 million and $20 million for the three and nine months ended September 30, 2026 compared to $0 and $7 million for the same periods in 2025.

17 Bank of America

Including and excluding net DVA, FICC revenue decreased $527 million and $530 million for the three months ended September 30, 2026 compared to the same period in 2025. These decreases were driven by weaker trading performance in mortgage, municipals, and credit products. Including and excluding net DVA, Equities revenue increased $240 million and $237 million, respectively, driven by increased client financing activity, particularly in Asia and the U.S., partially offset by weaker trading performance in derivatives and cash.

Including and excluding net DVA, FICC revenue decreased $180 million and $211 million for the nine months ended September 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 $2.4 billion driven by increased client financing activity and a stronger trading performance in derivatives and cash.