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Bank of America's Business Model
What Does Bank of America Offer?
Consumer Banking: It consists of Deposits and Consumer Lending sub-segments and offers credit, banking and investment products and services to consumers and small businesses.
Wealth and Investment Management: It provides a variety of customized banking, investment and brokerage services to meet the needs of individuals and institutions. This consists of two primary businesses – Merrill Lynch Global Wealth Management (MLGWM) and Bank of America Private Bank.
Advisory & Underwriting Services: It offers Financial Advisory and Debt & Equity Underwriting services.
Corporate & Commercial Banking: It includes services like commercial loans, trade finance, asset based lending, and Capital Management & Treasury Solutions among others.
Sales & Trading: It offers sales and trading services to institutional clients across fixed-income, credit, currency, commodity and equity businesses.
All other: This represents firm’s Global Principal Investments, Corporate Investments and Strategic Investments division.
Who Are The Clients?
Bank of America provides consumer banking, credit cards, commercial banking, investment banking, sales & trading, and wealth management services to
Retail ConsumersSmall BusinessesCorporates GovernmentsInstitutional Investors such as pension funds, mutual funds and hedge funds High Net-worth Individuals
What Are The Alternatives?
Bank of America faces stiff challenges and competition from offerings by its competitors such as:
JPMorganGoldman SachsMorgan StanleyWells FargoCapital OneCitigroup
Bank of America's revenues have grown at an average annual rate of 4% over 2016-2018. However, we expect it to slow down to 1% for the next three years.
Total Revenue [=A+B+C+D+E+F]
YOY change in Total Revenue
Consumer Banking Revenues are expected to cross $38.7 billion by 2021
We expect the growth rate of consumer banking to reduce from above 8% over 2016-2018 to 2% in 2019, before recording a marginal decrease in 2020. This could be attributed to slower growth in net interest income, which is the main revenue driver.
Thereafter, the segment revenues are expected to grow 2% and cross $38.7 billion by 2021.
Revenue for Consumer Banking [=A+B+C+D]
Net Interest Income [A]
Card Income [B]
Service Charges [C]
Mortgage Banking Fees & Other Revenues [D}
YOY change in Consumer Banking
Although Wealth Management revenues have grown at an average annual rate of 5% over the last three years, we expect it to struggle over the next three
This would be driven by a below average fee income growth in 2019, before reporting a decline of 2% in 2020.
Overall, wealth management revenues are likely to increase from $19.3 billion in 2018 to $19.6 billion by 2021.
Revenue for Wealth Management [=A+B]
Net Interest Income [A]
Fee Income [B]
YOY change in Wealth Management
Corporate & Commercial Banking Revenues have grown at an average annual rate 4% over the last three years, which is expected to slow down over coming years.
We expect business lending revenues to drop by 1% in 2019, before recording a slight increase over the next two years. This would enable the segment revenues to cross $17.2 billion by 2021
Revenue for Corporate & Commercial Banking [=A+B]
Business Lending Revenues [A]
Treasury Revenues [B]
YOY change in Corporate & Commercial Banking
Investment Banking revenues are very sensitive to global M&A scenario and debt capital markets. It has shown high volatility over the last three years
We expect investment banking revenues to increase by 3% in 2019 due to growth in M&A advisory, before decreasing by 3% in 2020.
Overall, the segment revenues are expected to cross $5.7 billion by 2021.
Revenue for Investment Banking
YOY change in Advisory & Underwriting Services
Sales & Trading revenues have fluctuated over the last three years due to volatile market conditions. We expect it to drop by 6% in 2019 due to a weak bond market scenario.
The downward trend is expected to continue in 2020, before showing slight improvement in 2021.
Overall, the segment revenues are expected to reduce from $13.7 billion in 2018 to $12.6 billion by 2021
Revenue for Sales & Trading
YOY change in Sales & Trading
"All Other" segment has negligible impact on Bank of America's total revenues.
We expect it increase from -$1.3 billion in 2018 to $1 billion by 2021
Revenue for All Other
YOY change in All Other