Bank of America letter to shareholders, 2025

About this letter

Brian Moynihan, chair of the board and chief executive of Bank of America, wrote this letter to shareholders in March 2026 to introduce the bank's 2025 annual report, on behalf of the board, the executive team and more than 213,000 employees. He opens with the question the bank says it asks its clients, what they would like the power to do, and describes 2025 as another strong year.

Much of the letter explains how the bank reaches its clients: its market-leading positions in consumer deposits and small business lending, more than 3,600 financial centres alongside about 59 million verified digital users, and a nationwide footprint it is still extending. Moynihan reports average deposits of $1.98 trillion, about $30 billion returned to shareholders through dividends and buybacks, and a headcount similar to the end of 2007 despite two large acquisitions since. He thanks two retiring directors and sets out a bullish view of the US economy in 2026.

What to notice

1. 1

   Moynihan reports 2025 revenue of $113.1 billion and net income of $30.5 billion.