Bank of America
Deutsche Bank Global Financial Services Conference
Dean Athanasia
President of Preferred and Small Business Banking,
Co-head of Consumer Banking
June 3, 2015
Leading U.S. Consumer Franchise
Our purpose is to make the financial lives of our clients better and help them be successful
Market Position
& Franchise
 #1 deposit market share in our footprint 1
 #1 deposit market share in 11 of the top 30 MSAs 1
 Highest deposits per branch at $110MM 2 and lowest operating cost per $100 of deposits 3
 46MM Consumer and Small Business clients with highest quality of any bank (88% Primary) 4
Client Base
 11MM high value Preferred and 3MM Small Business clients (#1 Best Brand in Small Business) 5
 31MM active digital and 17MM active mobile customers (#1 in Digital Banking experience) 6
Savings &
Investments
 Integrated Consumer Merrill Edge offering with fastest investment asset growth rate 7
 Barron's 4-star rating for “One of the best online investment firms” (2015 & 2014)
 #2 direct-to-consumer mortgage provider 7 and #1 bank for mortgage origination satisfaction 8
Consumer Lending
(Home, Card, Auto)
 #1 home equity lender 9
 #3 credit card balances 7 and highest earnings per card account 10
 #1 in prime auto credit distribution among peers 11
____________________
1 Source: SNL branch data. U.S. retail deposit market share in BAC footprint based on June 2014 FDIC deposit data,
adjusted to remove commercial balances.
2 Excludes Citi and Capital One which have significantly smaller footprints/branch networks.
3 Internal estimate using non-interest expense for consumer banking operations (excluding credit card and
home loans, where available) per $100 of reported consumer/retail deposits.
4 Source: McKinsey; Primary represents internal calculations of the percentage of BAC’s checking accounts that are
the customer’s primary account (defined as linked to their direct deposit).
5 Source: Greenwich Associates.
6
Source: Javelin, Digital Banking Experience Leader report, July 2014.
Source: Competitor 1Q15 earnings releases. Credit card loan balances based on period-end.
Source: J.D. Power 2014 U.S. Primary Mortgage Origination Satisfaction Rankings.
9 Source: ICON Advisory for 1Q15; Volume per 1Q15 earnings release.
10 Comparison to large U.S. money center peer group. Calculated as pre-tax income to open accounts as reported in
1Q15 earnings information. BAC credit card revenue includes Consumer Banking and GWIM portfolios.
11 Largest percentage of mix of 740+ Scorex customers among key competitors as of January 2015. Source: Total Units
Experian Autocount Risk Loan Analysis Scorex + (Loans, New & Used, Franchised Dealers).
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2
Two Client Sets with Distinct Strategies
Total Assets
Description
Retail
 Non-professionals
 Single-Income Families
 Students
 <$50K HH Income
Preferred
(on-us and off-us)
Working to meet daily financial needs and
want quality products at fair, transparent
prices. Willing to shop around for value and
need help to manage a budget and save.
<$1T 1
 Professionals
Don’t consider themselves wealthy, but
want personal service and solutions that
 Small Business Owners
meet their financial needs delivered at
 >$75K HH Income
their convenience. Expect to be
rewarded for their relationship.
 >$100K in Assets
 Two-Income Families
$11T
____________________
1 Retail deposit and investment households (HH).
3
Client Assets and Sales Growth
Avg. Consumer Banking Deposits 1
Client Brokerage Assets
($ in billions)
($ in billions)
$505
65
$518
56
$531
54
440
461
478
1Q14
4Q14
1Q15
Deposits excl. CDs and IRAs
$100
$114
$118
4Q14
1Q15
+9% YoY
1Q14
CDs and IRAs
Avg. Consumer Banking Loans & Leases
Client Sales & Origination Growth
($ in billions)
(1Q15 YoY)
$199
$200
$196
Home Equity origination
68%
Mortgage production
47%
Auto origination
Savings new accounts
1Q14
____________________
1 Amounts may not total due to rounding.
4Q14
1Q15
30%
23%
Merrill Edge new accounts
13%
Credit Card new accounts
13%
Checking new accounts
11%
4
Improved Credit Quality
Consumer Banking Net Charge-offs
($ in millions)
$3,148
$1,917
$1,360
1Q11
1Q12
Credit Card 30+ Day Delinquency Rate 1
1Q13
$956
$806
1Q14
1Q15
Credit Card Net Charge-off Ratio 1
8.39%
4.75%
3.51%
2.79%
1Q11
1Q12
1Q13
5.44%
2.14%
1.81%
1Q14
1Q15
4.19%
1Q11
1Q12
1Q13
3.25%
2.84%
1Q14
1Q15
____________________
1 Represents the total U.S. consumer credit card portfolio, which primarily resides in Consumer Banking with the remaining portion residing in Global Wealth & Investment Management.
5
Managing Costs to Improve Efficiency
Consumer Banking Revenue
Revenue Less Net Charge-offs 1
(FTE basis, $ in billions)
(FTE basis, $ in billions)
$33.3
$31.9
$30.8
$26.3
$27.3
$27.3
2012
2013
2014
2012
2013
2014
Net interest income
Non interest income
Consumer Banking Noninterest Expense
Delivery Optimization
($ in billions)
$19.4
$18.9
$17.9
$90,000
82,755
$80,000
74,316
8,000.0
68,537
7,500.0
7,000.0
$70,000
6,500.0
$60,000
6,000.0
$50,000
5,500.0
$40,000
5,000.0
$30,000
$20,000
5,478
5,151
$10,000
4,500.0
4,855
$0
2012
2013
2014
4,000.0
3,500.0
3,000.0
2012
2013
Employees (FTE)
2014
Financial centers
____________________
1 Represents a non-GAAP financial measure. Net charge-offs were $7.0B, $4.6B, and $3.5B in 2012, 2013, and 2014, respectively. See important presentation information on slide 11.
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Despite Challenges, Well Positioned for Growth
Challenges Remain

Strong client asset growth has helped with top-line growth, but low interest rate
environment continues to pressure NIM and provide headwinds

Muted expectations for service charges as benefit of deeper customer relationships
translates into lower credit costs and expenses, while increasing the “stickiness” and
quality of deposits

Sluggish consumer spending, although up modestly YoY, and higher incidences of
fraud; countermeasures to address this challenge are underway
+100 bps parallel shift in interest rate yield curve is estimated to benefit total
consolidated NII 1 by $4.6B over the next 12 months; Consumer Banking represents
approximately half of total BAC deposits
____________________
1 Excludes the impact to trading-related net interest income (NII).
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Investing for Growth
Optimize Financial Center Footprint
 Grow financial centers in the top 30 markets and
continue to reduce in non-essential areas
Grow Sales Force
 Focus on specialists and professional sales team
growth accompany financial centers in key markets
Sales Specialists
6,511
6,566
6,911
1Q13
1Q14
1Q15
5,084
1Q12
Integrate Digital Banking
 Enhance automated solutions and provide seamless
integration for clients across digital and physical channels
 Result is an improved client experience that instills trust
coupled with convenience of “any time banking”
Online and mobile payment solutions
Virtual Agent
8
Key Takeaways

Leading consumer banking franchise in the U.S.

Distinct strategies for Retail and Preferred client segments

Consumer financial health continues to improve

Seeing strong growth in client assets and sales

Managing costs to improve efficiency

Investing in the future of the business

Well positioned to benefit with rising rates
9
Forward-Looking Statements
Bank of America and its management may make certain statements that constitute “forward-looking statements” within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking
statements often use words such as “anticipates,” “targets,” “expects,” “hopes,” “estimates,” “intends,” “plans,” “goals,” “believes,” “continue” and other similar
expressions or future or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could.” The forward-looking statements made in this presentation
represent Bank of America's current expectations, plans or forecasts of its future results and revenues, and future business and economic conditions more
generally, and other matters. These statements are not guarantees of future results or performance and involve certain risks, uncertainties and assumptions that
are difficult to predict and are often beyond Bank of America’s control. Actual outcomes and results may differ materially from those expressed in, or implied by,
any of these forward-looking statements.
You should not place undue reliance on any forward-looking statement and should consider the following uncertainties and risks, as well as the risks and
uncertainties more fully discussed under Item 1A. Risk Factors of Bank of America's 2014 Annual Report on Form 10-K, and in any of Bank of America's subsequent
Securities and Exchange Commission filings: the Company's ability to resolve representations and warranties repurchase and related claims and the chance that
the Company could face related servicing, securities, fraud, indemnity, contribution or other claims from one or more counterparties, including trustees,
purchasers of loans, underwriters, issuers, other parties involved in securitizations, monolines or private-label and other investors; the possibility that final court
approval of negotiated settlements is not obtained, including the possibility that all of the conditions necessary to obtain final approval of the BNY Mellon
Settlement do not occur; the possibility that future representations and warranties losses may occur in excess of the Company's recorded liability and estimated
range of possible loss for its representations and warranties exposures; the possibility that the Company may not collect mortgage insurance claims; potential
claims, damages, penalties, fines, and reputational damage resulting from pending or future litigation and regulatory proceedings, including the possibility that
amounts may be in excess of the Company’s recorded liability and estimated range of possible losses for litigation exposures; the possibility that the European
Commission will impose remedial measures in relation to its investigation of the Company's competitive practices; the possible outcome of LIBOR, other reference
rate and foreign exchange inquiries and investigations; uncertainties about the financial stability and growth rates of non-U.S. jurisdictions, the risk that those
jurisdictions may face difficulties servicing their sovereign debt, and related stresses on financial markets, currencies and trade, and the Company's exposures to
such risks, including direct, indirect and operational; the impact of global interest rates, currency exchange rates and economic conditions; the impact on the
Company's business, financial condition and results of operations of a potential higher interest rate environment; adverse changes to the Company's credit ratings
from the major credit rating agencies; estimates of the fair value of certain of the Company's assets and liabilities; uncertainty regarding the content, timing and
impact of regulatory capital and liquidity requirements, including but not limited to, any GSIB surcharge; the possibility that our internal analytical models will not
be approved by U.S. banking regulators; the possibility that our risk-weighted assets may increase as a result of modifications to our internal analytical models in
connection with an exit of parallel run; the possible impact of Federal Reserve actions on the Company’s capital plans; the impact of implementation and
compliance with new and evolving U.S. and international regulations, including but not limited to recovery and resolution planning requirements, the Volcker Rule
and derivatives regulations; the impact of the U.K. tax law change limiting how much NOLs can offset annual profit; a failure in or breach of the Company’s
operational or security systems or infrastructure, or those of third parties, including as a result of cyber attacks; and other similar matters.
Forward-looking statements speak only as of the date they are made, and Bank of America undertakes no obligation to update any forward-looking statement to
reflect the impact of circumstances or events that arise after the date the forward-looking statement was made.
10
Important Presentation Information
•
The information contained herein speaks only as of the particular date or dates included in the accompanying slides. Bank of America does not
undertake an obligation to, and disclaims any duty to, update any of the information provided.
•
Certain prior period amounts have been reclassified to conform to current period presentation.
•
Certain financial measures contained herein represent non-GAAP financial measures. For more information about the non-GAAP financial measures
contained herein, please see the presentation of the most directly comparable financial measures calculated in accordance with GAAP and
accompanying reconciliations in the earnings press release for the quarter ended March 31, 2015 and other earnings-related information available
through the Bank of America Investor Relations web site at: http://investor.bankofamerica.com.
•
The Company allocates capital to its business segments using a methodology that considers the effect of regulatory capital requirements in addition
to internal risk-based capital models. The Company's internal risk-based capital models use a risk-adjusted methodology incorporating each
segment's credit, market, interest rate, business and operational risk components. Allocated capital is reviewed periodically and refinements are
made based on multiple considerations that include, but are not limited to, business segment exposures and risk profile, regulatory constraints and
strategic plans. As part of this process, in the first quarter of 2015, the Company adjusted the amount of capital being allocated to its business
segments.
11