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As filed with the Securities and Exchange Commission on February 7, 2025
 
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
February 7, 2025
BANK OF AMERICA CORPORATION
(Exact name of registrant as specified in its charter)
 
Delaware 1-6523 56-0906609
(State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.)
100 North Tryon Street
Charlotte, North Carolina 28255
(Address of principal executive offices)
(704) 386-5681
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareBACNew York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of Floating Rate Non-Cumulative Preferred Stock, Series EBAC PrENew York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of 6.000% Non-Cumulative Preferred Stock, Series GGBAC PrBNew York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of 5.875% Non-Cumulative Preferred Stock, Series HHBAC PrKNew York Stock Exchange
7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series LBAC PrLNew York Stock Exchange
Depositary Shares, each representing a 1/1,200th interest in a share of BML PrGNew York Stock Exchange
Bank of America Corporation Floating Rate Non-Cumulative
Preferred Stock, Series 1
Depositary Shares, each representing a 1/1,200th interest in a share of BML PrHNew York Stock Exchange
Bank of America Corporation Floating Rate Non-Cumulative
Preferred Stock, Series 2
Depositary Shares, each representing a 1/1,200th interest in a share of BML PrJNew York Stock Exchange
Bank of America Corporation Floating Rate Non-Cumulative
Preferred Stock, Series 4
Depositary Shares, each representing a 1/1,200th interest in a share of BML PrLNew York Stock Exchange
Bank of America Corporation Floating Rate Non-Cumulative
Preferred Stock, Series 5
Floating Rate Preferred Hybrid Income Term Securities of BAC Capital Trust XIII (and the guarantee related thereto)BAC/PFNew York Stock Exchange
5.63% Fixed to Floating Rate Preferred Hybrid Income Term Securities of BAC Capital Trust XIV (and the guarantee related thereto)BAC/PGNew York Stock Exchange
Income Capital Obligation Notes initially due December 15, 2066 of Bank of America CorporationMER PrKNew York Stock Exchange
Senior Medium-Term Notes, Series A, Step Up Callable Notes, due BAC/31BNew York Stock Exchange
November 28, 2031 of BofA Finance LLC (and the guarantee of the
Registrant with respect thereto)
Depositary Shares, each representing a 1/1,000th interest in a share of 5.375% Non-Cumulative Preferred Stock, Series KKBAC PrMNew York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of 5.000% Non-Cumulative Preferred Stock, Series LLBAC PrN
New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of 4.375% Non-Cumulative Preferred Stock, Series NNBAC PrONew York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of 4.125% Non-Cumulative Preferred Stock, Series PPBAC PrPNew York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of 4.250% Non-Cumulative Preferred Stock, Series QQBAC PrQNew York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of 4.750% Non-Cumulative Preferred Stock, Series SSBAC PrSNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



ITEM 8.01.     Other Events.

Bank of America Corporation (“Bank of America” or the “Company”) today announced that its Board of Directors (the “Board”) approved 2024 total compensation for Chair and Chief Executive Officer Brian T. Moynihan of $35,000,000, compared to 2023 total compensation of $29,000,000.

In determining this compensation, the independent members of the Board acknowledged the Company’s continued success delivering Responsible Growth in 2024 and Mr. Moynihan’s leadership. The Company earned $27.1 billion in net income and saw its share price improve 30% during the year. The Company’s 2024 performance was an important foundational year characterized by strong organic growth across all businesses, including a mid-year inflection and return to growth in net interest income complementing strong fee businesses growth. Credit costs stabilized helping the Company to produce strong earnings and return more capital to shareholders than in 2023. Organic loan and deposit growth outpaced industry averages. The increase in the Company’s common stock price grew the Company’s market capitalization by nearly $70 billion from December 31, 2023, to December 31, 2024.

Shareholders. The Company’s 2024 net income of $27.1 billion grew 2% from 2023. These results were aided by revenue growth of 3% from 2023, to nearly $102 billion, and expense discipline, with expense growth of 1% from 2023. That growth included an increase in investments for the future of the franchise as the Company expanded its retail footprint into new areas of the U.S., increased new initiative spending for technology and hired more bankers and advisors in the Global Banking and Wealth Management businesses. The Company’s balance sheet remained a source of strength, with approximately $296 billion in shareholders’ equity and average liquidity levels of $953 billion for the fourth quarter of 2024. Book value per share improved 7% during 2024. The strength of the balance sheet allowed the Company to return $21 billion to shareholders in 2024, through dividends and common stock repurchases, an increase of 75% from 2023.

Clients. The Company supported client growth in 2024 with credit, capital and liquidity. This drove $42 billion in loan growth to more than $1.095 trillion at year-end. In Consumer and Wealth Management, the Company managed $6.0 trillion in balances across loans, deposits and investment balances. In total the Company had approximately $66 billion in net wealth flows in 2024. In 2024 the Company added a record one million net new consumer checking accounts with 24 consecutive quarters of growth. The Company’s Wealth Management businesses added 24,000 net new relationships in 2024, and opened nearly 115,000 new bank accounts for investment clients. Additionally, Global Markets achieved record full year sales and trading revenue by extending its quarterly year-over-year sales and trading growth to 11 quarters. Global Banking gained share in Investment Banking fees in 2024, and maintained its #3 investment banking fee ranking. The Company also had strong client adoption and engagement across its digital platforms in 2024, with 14 billion logins.

Employees and Local Markets. The Company continued to invest in being a great place to work in 2024 and experienced stable turnover of 8%. The Company raised the minimum hourly rate of pay for U.S. teammates to $24/hour continuing its commitment to increase that rate to $25/hour by 2025. Additionally, the Company recently announced the eighth year of Sharing Success awards, with approximately 97% of employees receiving an award, mostly in Company common stock to align employees’ interests with shareholders. The Company also continued to share success with the communities it serves and in 2024, provided more than $290 million in philanthropic investments and over the course of 2024, employees volunteered more than 2.5 million hours in local communities.

Compensation Structure. Mr. Moynihan’s compensation structure remains consistent with the structure over the prior 12 years, and is composed of base salary, and equity incentive consisting of time-based restricted stock units (“RSUs”) and performance RSUs. Mr. Moynihan’s annual base salary remains unchanged at $1.5 million. The aggregate value of his 2024 equity incentive awarded by the Board is $33.5 million. Consistent with prior years, there is no cash bonus. The equity incentive is comprised 30% of cash-settled RSUs that will vest over the next 12 months, 20% of stock-settled RSUs that will vest annually over the next four years, and 50% of stock-settled performance RSUs that will be re-earned only if Bank of America’s future financial performance meets specific standards. All of Mr. Moynihan’s 2024 equity incentive awards are subject to the Company’s stock ownership and retention requirements and the Company’s cancellation and clawback policies.





SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
BANK OF AMERICA CORPORATION
By:/s/ Ross E. Jeffries, Jr.
 Ross E. Jeffries, Jr.
 Deputy General Counsel and Corporate Secretary

Dated: February 7, 2025


v3.25.0.1
Cover Page
Feb. 07, 2025
Document Information [Line Items]  
Document Type 8-K
Document Period End Date Feb. 07, 2025
Entity Registrant Name BANK OF AMERICA CORPORATION
Entity Incorporation, State or Country Code DE
Entity File Number 1-6523
Entity Tax Identification Number 56-0906609
Entity Address, Address Line One 100 North Tryon Street
Entity Address, City or Town Charlotte
Entity Address, State or Province NC
Entity Address, Postal Zip Code 28255
City Area Code 704
Local Phone Number 386-5681
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0000070858
Amendment Flag false
Common Stock, par value $0.01 per share  
Document Information [Line Items]  
Title of 12(b) Security Common Stock, par value $0.01 per share
Trading Symbol BAC
Security Exchange Name NYSE
Depositary Shares, each representing a 1/1,000th interest in a share of Floating Rate Non-Cumulative Preferred Stock, Series E  
Document Information [Line Items]  
Title of 12(b) Security Depositary Shares, each representing a 1/1,000th interest in a share of Floating Rate Non-Cumulative Preferred Stock, Series E
Trading Symbol BAC PrE
Security Exchange Name NYSE
Depositary Shares, each representing a 1/1,000th interest in a share of 6.000% Non-Cumulative Preferred Stock, Series GG  
Document Information [Line Items]  
Title of 12(b) Security Depositary Shares, each representing a 1/1,000th interest in a share of 6.000% Non-Cumulative Preferred Stock, Series GG
Trading Symbol BAC PrB
Security Exchange Name NYSE
Depositary Shares, each representing a 1/1,000th interest in a share of 5.875% Non-Cumulative Preferred Stock, HH  
Document Information [Line Items]  
Title of 12(b) Security Depositary Shares, each representing a 1/1,000th interest in a share of 5.875% Non-Cumulative Preferred Stock, Series HH
Trading Symbol BAC PrK
Security Exchange Name NYSE
7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L  
Document Information [Line Items]  
Title of 12(b) Security 7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L
Trading Symbol BAC PrL
Security Exchange Name NYSE
Depositary Shares, each representing a 1/1,200th interest in a share of Bank of America Corporation Floating Rate Non-Cumulative Preferred Stock, Series 1  
Document Information [Line Items]  
Title of 12(b) Security Depositary Shares, each representing a 1/1,200th interest in a share of
Trading Symbol BML PrG
Security Exchange Name NYSE
Depositary Shares, each representing a 1/1,200th interest in a share of Bank of America Corporation Floating Rate Non-Cumulative Preferred Stock, Series 2  
Document Information [Line Items]  
Title of 12(b) Security Depositary Shares, each representing a 1/1,200th interest in a share of
Trading Symbol BML PrH
Security Exchange Name NYSE
Depositary Shares, each representing a 1/1,200th interest in a share of Bank of America Corporation Floating Rate Non-Cumulative Preferred Stock, Series 4  
Document Information [Line Items]  
Title of 12(b) Security Depositary Shares, each representing a 1/1,200th interest in a share of
Trading Symbol BML PrJ
Security Exchange Name NYSE
Depositary Shares, each representing a 1/1,200th interest in a share of Bank of America Corporation Floating Rate Non-Cumulative Preferred Stock, Series 5  
Document Information [Line Items]  
Title of 12(b) Security Depositary Shares, each representing a 1/1,200th interest in a share of
Trading Symbol BML PrL
Security Exchange Name NYSE
Floating Rate Preferred Hybrid Income Term Securities of BAC Capital Trust XIII (and the guarantee related thereto)  
Document Information [Line Items]  
Title of 12(b) Security Floating Rate Preferred Hybrid Income Term Securities of BAC Capital Trust XIII (and the guarantee related thereto)
Trading Symbol BAC/PF
Security Exchange Name NYSE
5.63% Fixed to Floating Rate Preferred Hybrid Income Term Securities of BAC Capital Trust XIV (and the guarantee related thereto)  
Document Information [Line Items]  
Title of 12(b) Security 5.63% Fixed to Floating Rate Preferred Hybrid Income Term Securities of BAC Capital Trust XIV (and the guarantee related thereto)
Trading Symbol BAC/PG
Security Exchange Name NYSE
Income Capital Obligation Notes initially due December 15, 2066 of Bank of America Corporation  
Document Information [Line Items]  
Title of 12(b) Security Income Capital Obligation Notes initially due December 15, 2066 of Bank of America Corporation
Trading Symbol MER PrK
Security Exchange Name NYSE
Senior Medium-Term Notes, Series A, Step Up Callable Notes, due November 28, 2031 of BofA Finance LLC (and the guarantee of the Registrant with respect thereto)  
Document Information [Line Items]  
Title of 12(b) Security Senior Medium-Term Notes, Series A, Step Up Callable Notes, due
Trading Symbol BAC/31B
Security Exchange Name NYSE
Depositary Shares, each representing 1/1,000th interest in a share of 5.375% Non-Cumulative Preferred Stock, Series KK  
Document Information [Line Items]  
Title of 12(b) Security Depositary Shares, each representing a 1/1,000th interest in a share of 5.375% Non-Cumulative Preferred Stock, Series KK
Trading Symbol BAC PrM
Security Exchange Name NYSE
Depositary Shares, each representing a 1/1,000th interest in a share of 5.000% Non-Cumulative Preferred Stock, Series LL  
Document Information [Line Items]  
Title of 12(b) Security Depositary Shares, each representing a 1/1,000th interest in a share of 5.000% Non-Cumulative Preferred Stock, Series LL
Trading Symbol BAC PrN
Security Exchange Name NYSE
Depositary Shares, each representing a 1/1,000th interest in a share of 4.375% Non-Cumulative Preferred Stock, Series NN  
Document Information [Line Items]  
Title of 12(b) Security Depositary Shares, each representing a 1/1,000th interest in a share of 4.375% Non-Cumulative Preferred Stock, Series NN
Trading Symbol BAC PrO
Security Exchange Name NYSE
Depositary Shares, each representing a 1/1,000th interest in a share of 4.125% Non-Cumulative Preferred Stock, Series PP  
Document Information [Line Items]  
Title of 12(b) Security Depositary Shares, each representing a 1/1,000th interest in a share of 4.125% Non-Cumulative Preferred Stock, Series PP
Trading Symbol BAC PrP
Security Exchange Name NYSE
Depositary Shares, each representing a 1/1,000th interest in a share of 4.250% Non-Cumulative Preferred Stock, Series QQ  
Document Information [Line Items]  
Title of 12(b) Security Depositary Shares, each representing a 1/1,000th interest in a share of 4.250% Non-Cumulative Preferred Stock, Series QQ
Trading Symbol BAC PrQ
Security Exchange Name NYSE
Depositary Shares, each representing a 1/1,000th interest in a share of 4.750% Non-Cumulative Preferred Stock, Series SS  
Document Information [Line Items]  
Title of 12(b) Security Depositary Shares, each representing a 1/1,000th interest in a share of 4.750% Non-Cumulative Preferred Stock, Series SS
Trading Symbol BAC PrS
Security Exchange Name NYSE
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