Bank of America Sets Wealth and International Growth Targets

Bank of America is targeting expansion in wealth management and international banking while investing in AI, co-president Jim DeMare said at a London conference on September 23. He described the U.S. economy as resilient, with nominal growth approaching 7%.

DeMare pointed to the bank’s reach as a window on business and consumer activity: 70 million global clients, 46,000 banking clients and about $500 trillion in annual payments. He said discretionary spending was growing across income groups, while deposit balances remained elevated.

Small businesses also appeared supportive, he said. Bank of America serves about 3.4 million of roughly 3.9 million U.S. small businesses, and hiring plans and optimism were near recent highs.

Overseas expansion is a key financial goal. The bank is aiming for an additional $4 billion in international revenue, about $2 billion in pretax income and an approximately 18% return on allocated capital, through deeper client relationships and cross-border services.

In wealth, Bank of America wants to grow consumer investment assets from about $600 billion to $1 trillion. The bank is also aiming for annual net asset growth of 4% to 5% across wealth management, and expects to hire more financial advisers this year than last.

AI is being rolled out as a productivity tool rather than a standalone business line. DeMare said internal tools are available to about 200,000 employees, while coding productivity has improved by roughly 15% to 20% among the bank’s developers.

The bank is also adding investment-banking staff and seeking to deepen client ties across its markets business. DeMare said markets revenue had grown more than 10% annually since 2020, though quarterly results can swing with market conditions.

The targets put execution in focus: asset growth, adviser hiring and international revenue will show whether the plans are gaining traction. Bank of America says capital for growth must compete with dividends and share buybacks while investments meet its return goals.