BACBank of America
Bank of America Corporation is a Delaware corporation, a bank holding company (BHC) and a financial holding company. 10-K, Item 1
- Employees
- 213,000
- Headquarters
- Charlotte, NC
- CEO
- Brian T. Moynihan
- Next results
- around Jan 13, 2027
14 paragraphs in Risk Factors of the 10-K filed Feb 25, 2026 with nothing like them in the 10-K filed Feb 25, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 75 Financials companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.
and reliance on, third parties and the financial services industry, including the processing and reporting of a large number of complex transactions at increasing speeds in many currencies and jurisdictions, creates additional operational risk.
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We use, and expect to increasingly use, emerging technologies, including AI, across our operations, including business processes, services and products, and we expect greater AI adoption by our third parties, clients, counterparties, clearinghouses and financial intermediaries. Expanded use of AI, including emerging third‑party AI services and autonomous AI agents, may result in increased data risk, unpredictable system interactions, inadequate controls or safeguards, AI failure, or produce unintended operations or consequences. AI services used by our clients or third parties may interact with our systems or communicate directly with our employees, and may act without authorization, make execution errors, behave unpredictably or be misaligned with intended outcomes, which could result in additional operational, legal and regulatory risk, and reputational harm.
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The Corporation and third parties with whom we interact and/or on whom we rely, are subject to cybersecurity incidents,
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Emerging technologies, such as AI and quantum computing, are expected to increase these risks. For example, AI lowers the entry barriers to plan and execute cyberattacks, enables more personalized and harder to detect social engineering, and improves vulnerability discovery, which may result in the increased likelihood of exploitation and the speed, scope, scale, and sophistication of cyberattacks. Advances in quantum computing may introduce cryptography risks that threaten the
security of our information and systems and strengthen threat actor capabilities in ways that are difficult to anticipate. These technologies, alone or in combination with others, may amplify the risks they pose.
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alleged deficiencies in processing documents necessary to comply with state law governing foreclosure.
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Our regulators’ prudential and supervisory authority gives them broad power and discretion to direct our actions, and they
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established by our regulators and other government authorities, could result in further settlements, orders or agreements and additional fines, penalties or judgments, or material regulatory restrictions on our businesses.
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Extensive regulatory evaluation of our capital planning practices by the Federal Reserve includes stress testing certain
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4 more
Also, U.S. banking regulators are expected to release proposals in 2026 to revise methodologies for measuring and reporting risk-based capital adequacy, including the calculation of RWA and G-SIB surcharge. The timing and composition of such proposals are uncertain. Final rules issued following those proposals could adversely impact our capital requirements.
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We rely on a diversified mix of businesses that deliver a broad range of financial products and services through multiple
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Our models may not be sufficiently predictive of future results, including from limited historical patterns, extreme or unanticipated market movements or clients’ behavior and
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We also face transition risk associated with the shift to a low-carbon economy. Changes in consumer preferences, market pressures, technology advancements and additional legislation,
regulatory, compliance and legal requirements could alter our strategic planning, limit certain business activities and products and services offered, amplify credit and market risks, negatively impact asset values, insurance availability and cost, require capital expenditures and changes in technology and markets, increase expenses and adversely impact our capital requirements and results of operations. Climate-related regulatory approaches and disclosure continue to evolve and diverge across jurisdictions (including the availability of certain reporting exemptions), including among the U.S. and non-U.S., and within the U.S., which could adversely impact our legal, compliance and public disclosure risks and costs. Availability, quality and disclosure of climate-related data, including from third parties, remain challenging, which may result in legal, compliance and/or reputational harm.
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New in the latest 10-Q
27 paragraphs in the 10-Q filed Oct 30, 2026 with nothing like them in the 10-Q filed Jul 31, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
10-Q
On October 13, 2026, the Office of the Comptroller of the Currency (OCC), the Financial Crimes Enforcement Network (FinCEN), and the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced regulatory resolutions related to certain aspects of the Corporation’s U.S. Bank Secrecy Act, Anti-Money Laundering and Economic Sanctions Compliance Programs (Programs). These resolutions included consent orders with the OCC and FinCEN and a settlement agreement with OFAC. As a result, for the third quarter of 2026, the Corporation recorded a $1.2 billion non-tax-deductible charge in noninterest expense to accrue for the civil money penalties resulting from the regulatory consent orders and the settlement agreement (“regulatory settlement charge”).
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FinCEN’s consent order and the previously disclosed December 2024 OCC consent order require the Corporation to undertake certain remedial actions to the Programs, including engaging independent consultants to review certain historical transactions, customer due diligence, foreign correspondent account due diligence, and Bank Secrecy Act/anti-money laundering data governance. The Corporation has completed significant steps to satisfy the requirements of the December 2024 OCC consent order. Since late 2023, the Corporation has increased the number of personnel dedicated to these activities and has made investments in technology and other resources supporting the remediation and ongoing compliance. The Corporation does not expect that the ongoing operating costs associated with these remediation and compliance activities will have a significant impact on consolidated noninterest expense in future periods.
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Table 3 Noninterest Expense Three Months Ended September 30 Nine Months Ended September 30 (Dollars in millions) 2026 2025 2026 2025 Compensation and benefits $ 10,969 $ 10,523 $ 33,290 $ 31,744 Information processing and communications 2,008 1,827 5,950 5,540 Occupancy and equipment 1,967 1,872 5,781 5,564 Product delivery and transaction related 1,170 1,025 3,623 2,913 Professional fees 606 606 1,762 1,898 Marketing 669 572 1,938 1,641 Other general operating 2,333 912 4,536 2,990 Total noninterest expense $ 19,722 $ 17,337 $ 56,880 $ 52,290
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(1) Represents investment banking fees on Bank of America issuances that are eliminated through All Other in consolidation.
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On October 23, 2026, the Corporation issued 80,000 shares of 7.200% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series WW for $2.0 billion, with quarterly dividends commencing in January 2027. The Series WW preferred stock has a liquidation preference of $25,000 per share and is subject to certain restrictions in the event the Corporation fails to declare and pay full dividends.
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On September 30, 2026, the Federal Reserve issued two final rules on stress test-related capital requirements. The first expands public disclosures and establishes annual public-input processes for supervisory stress test scenarios, models and material changes to those models. Implementation of future changes in published models could affect the outcome of the Corporation’s stress test results.
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The second modifies the capital plan rule and SCB requirements. Effective January 1, 2029, results from the two most recent annual supervisory stress tests will be averaged to determine the Corporation’s SCB requirement. In addition, the annual effective date of the SCB requirement will change from October 1st to January 1st beginning with the requirement effective January 1, 2028. The Corporation’s SCB will remain at 2.5 percent through December 31, 2027.
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securities and equities that we believe could be used to generate additional liquidity.
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Includes debt securities issued by multilateral development banks and the European Union.
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quarters ended March 31, 2026 and June 30, 2026 on the Corporation’s website, the contents of which are not incorporated by reference into this Quarterly Report on Form 10-Q.
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current rate environment. Amounts presented reflect dynamic deposit sensitivities, which incorporate behavioral customer deposit balance changes that could occur under various
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exchange risk of our foreign operations, the Corporation's market risk exposure in this area is not significant.
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September 30 2026 Quarters 2025 Quarters (Dollars in millions) Third Second First Fourth Third 2026 2025 Reconciliation of average common shareholders’ equity
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Financial statements and notes
Consolidated Statement of Cash Flows Nine Months Ended September 30 (Dollars in millions) 2026 2025 Operating activities Net income $ 24,591 $ 22,862 Adjustments to reconcile net income to net cash provided by operating activities: Provision for credit losses 3,972 4,367 (Gains) losses on sales of debt securities (40) 23 Depreciation and amortization 1,847 1,720 Net accretion of discount/premium on debt securities (444) (664) Deferred income taxes 540 182 Amortization of stock-based compensation 3,194 3,032 Net change in: Trading and derivative assets/liabilities 31,621 4,687 Loans held-for-sale (3,060) 2,672 Other assets (88) (24,633) Accrued expenses and other liabilities 2,374 20,011 Other operating activities, net (193) 1,299 Net cash provided by operating activities 64,314 35,558 Investing activities Net change in: Time deposits placed and other short-term investments (1,164) (1,840) Federal funds sold and securities borrowed or purchased under agreements to resell (30,547) (55,078) Debt securities carried at fair value: Proceeds from sales 180,161 96,786 Proceeds from paydowns and maturities 76,226 63,781 Purchases (209,679) (196,704) Held-to-maturity debt securities: Proceeds from paydowns and maturities 25,393 26,327 Loans and leases: Proceeds from sales of loans originally classified as held for investment and instruments 9,771 6,718 from related securitization activities Purchases (6,171) (12,487) Other changes in loans and leases, net (73,522) (68,672) Other investing activities, net (6,027) (2,816) Net cash used in investing activities (35,559) (143,985) Financing activities Net change in: Deposits 20,029 36,741 Federal funds purchased and securities loaned or sold under agreements to repurchase (29,298) 14,817 Short-term borrowings 15,147 10,802 Long-term debt: Proceeds from issuance 97,107 75,855 Retirement (83,733) (57,893) Preferred stock: Proceeds from issuance — 5,493 Redemption (1,000) (2,669) Common stock repurchased (19,251) (15,123) Cash dividends paid (7,573) (7,203) Other financing activities, net (1,745) (919) Net cash provided by (used in) financing activities (10,317) 59,901 Effect of exchange rate changes on cash and cash equivalents (640) 4,919 Net increase (decrease) in cash and cash equivalents 17,798 (43,607) Cash and cash equivalents at January 1 231,845 290,114 Cash and cash equivalents at September 30 $ 249,643 $ 246,507
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(2) Total outstandings includes $ 6.7 billion in long-term credit protection agreements with U.S. agencies and had a zero credit loss assumption as of the end of the period.
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(2) Total outstandings includes $ 7.2 billion in long-term credit protection agreements with U.S. agencies and had a zero credit loss assumption as of the end of the period.
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losses previously recorded, and the Corporation’s investment, if any, in securities issued by the VIEs.
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The Corporation sponsors, invests in or provides financing, which may be in connection with the sale of assets, to a variety
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The table below presents goodwill balances by business segment at September 30, 2026 and December 31, 2025. The reporting units utilized for goodwill impairment testing are the reportable segments or one level below.
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On June 8, 2026, BANA filed a motion to decertify the classes, which remains pending. On August 18, 2026, the court largely denied BANA’s motion for partial summary judgment, allowing the case to proceed to trial subject to its ruling on BANA’s pending motion for decertification.
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Other debt securities carried at fair value – Non-agency residential MBS 43 — — — — — — 1 — 44 —
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Trading account liabilities – Corporate securities (90) 10 — (1) — (1) — (6) — (88) 5
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Share sales and buybacks
Pursuant to the terms of the Corporation’s 7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L (Series L Preferred Stock), a holder may elect to convert each share of Series L Preferred Stock for 20 shares of the Corporation’s common stock (Common Stock). On September 25, 2026, 28 shares of Series L Preferred Stock were converted into 560 shares of Common Stock at the election of the holder. The shares of Common Stock were issued in reliance upon the exemption from registration in Section 3(a)(9) of the Securities Act of 1933, as amended, for securities exchanged by the issuer with an existing security holder where no commission or other remuneration is paid or given directly or indirectly by the issuer for soliciting such exchange.
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Other information
Pursuant to Section 13(r) of the Exchange Act, an issuer is required to disclose in its annual or quarterly reports, as applicable, whether it or any of its affiliates knowingly engaged in certain activities, transactions or dealings relating to Iran or with individuals or entities designated pursuant to certain Executive Orders. Disclosure may be required even where the activities, transactions or dealings were conducted in compliance with applicable law. Except as set forth below, as of the date of this Quarterly Report on Form 10-Q, the Corporation
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is not aware of any other activity, transaction or dealing by any of its affiliates during the quarter ended September 30, 2026 that requires disclosure under Section 13(r) of the Exchange Act.
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During the third quarter of 2026, Bank of America, National Association (BANA), a U.S. subsidiary of Bank of America Corporation, processed one authorized wire payment totaling $30,000 pursuant to a general license issued by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC). The payment was received from a non-sanctioned party for legal services provided by a U.S.-based law firm to a sanctioned individual. There was no measurable gross revenue or net profit to the Corporation relating to this transaction, except nominal fees received by BANA for processing the payment.
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The Corporation may in the future engage in authorized transactions for its clients to the extent permitted by U.S. law.
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The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Oct 30, 2026 against Item 1A of the 10-K filed Feb 25, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
What the 10-Q itself says about its risk factors:
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There are no material changes from the risk factors set forth under Part 1, Item 1A. Risk Factors of the Corporation’s 2025 Annual Report on Form 10-K.
1 paragraph in the 10-Q's Item 1A, and none of them adds, rewords or quietly edits a paragraph of the 10-K's.
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