Bank of America : Deutsche Bank Global Financial Services Conference Presentation

Deutsche Bank Global Financial Services Conference

Dean Athanasia, President of Consumer & Small Business

May 28, 2019

Leading U.S. Consumer Financial Services Firm

63 million Clients	Top Nationwide
Financial Center Network	Top 20 Most Profitable in S&P 500

16,000 ATMs

#1 Deposit Share in the U.S. 1

4,300 Financial Centers

#1 Digital Bank nationwide 2

24,500 Client Professionals

43 Industry Awards in 2018

25 million client interactions each day

Record client satisfaction

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1	U.S. retail deposit market share estimated using June 2018 FDIC deposit data (sourced from SNL), adjusted to remove estimated commercial balances.	1
2	Sources: #1 Online Banking and Mobile Banking Functionality per Dynatrace 1Q19 Mobile Banker Scorecard and 4Q18 Online Banker Scorecard, Javelin 2018 Mobile Banking Scorecard and 2018 Online Banking Scorecard; Named North America's Best Digital Bank by Euromoney, 2018.

The Last 3 Years of Responsible Growth

	$37.6B		3-yr
	$34.3B
	Revenue	+$6.3B
	$31.4B $31.5B
Revenue	$12.1B	+20%

1

Key Strategic Themes

Repaired the client experience,

rebuilt loyalty

Customized client experience

	Net Income	+5.6B
	$8.0B
	+85%
	$7.0B
$6.6B	(5%)	($1.0B)
Net Income	Expense

					Client Assets 1 +$232B
					+26%
	2015	2016	2017	2018
Client Assets 1	$891B			$1.1T
Expense	$18.7B			$17.7B	21 Consecutive Quarters
Efficiency ratio	60%			47%

1. through client segments
2. Launchedapproach High Tech / High Touch
3. Replaced core infrastructure, reinvested in value-addedcapabilities

of Positive Operating Leverage 2

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1 Client assets defined as total of average loans and leases, average deposits, and ending Consumer Investment assets; excludes margin receivables.

2 As of 1Q19.

2

We Focus on our Clients and the Client Experience

		Retail Clients		Preferred Clients
Retail	•	~45% of our clients	• ~35% of our clients
	•	<$50k income	•	>$100k in assets
	• Often live paycheck to paycheck	• Use all of our products, solutions and channels
	•	Skew younger	•	Skew older

Want straight forward, transparent products with no nuisance fees delivered through our Digital capabilities. We are committed

to enhancing the client's understanding of our solutions through ongoing Financial Education ("Better Money Habits").

Want personal service and solutions relevant to their needs, available at their convenience and that reward loyalty. We are committed to providing advice and guidance through client

professionals at every stage of our clients' financial lives.

Small Business Owners

Small Business• ~20% of our clients

• <$5 million annual revenue business
• Derive their income through their business
• Have both personal & business needs

Want to grow their business while managing both their professional and personal lives. We are committed to serving both the personal and business needs of small business owners with our client professionals.

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Note: Segmentation of clients reflects start of 2019

1 Client satisfaction defined as a survey score of a 9 or a 10 out of 10.

	Client Experience Trend 1
	84.5%
Preferred	84.1%
Small Business	82.5%
Retail

76.6%
72.9%
72.6%
1Q16	2Q16	3Q16	4Q16	1Q16	2Q17	3Q17	4Q17	1Q18	2Q18	3Q18	4Q18

3

Our High Tech ↔ High Touch approach allows us to serve Clients how they would like

#1 Consumer Deposit Share in the U.S. 1

The most efficient deposit gatherer with the most retail deposits per branch at the lowest operating cost.2 The most #1 share rankings in the Top 30 U.S. Markets. Over 5 million clients walking into our financial centers each week.

#1 Digital Bank

Our Online Bank and Mobile Banking app are the first to

be certified by J.D. Power for providing "an outstanding

mobile banking experience"

Innovation: Erica, Digital Mortgage,

Digital Auto, Merrill Guided Investing

Security: Touch ID, Debit Lock/

Unlock, FICO Score

Payments: Zelle, Mobile

Wallet, Mobile Check Deposit

Education & Convenience: Better

Money Habits, Bank by Appointment,

Spending and Budgeting Tool

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1	U.S. retail deposit market share estimated using June 2018 FDIC deposit data (sourced from SNL), adjusted to remove estimated commercial balances.	4
2	Deposits/branch at BAC totaled $162M at 3/31/19; comparison excludes C and COF which have fewer branches; OpEx per $100 of consumer/retail deposits totaled $1.55 for BAC for 1Q'19 and is estimated for JPM and WFC.