BAC · 10-K filed 25 Feb 2026 · year to 31 Dec 2025

Bank of America

27 named things its latest annual report says its results depend on, each in the company's own words. 23 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Freddie Mac (FHLMC)

earns from · approximately $2.3 billion of loansnamed as a risk

During 2025, we sold approximately $2.3 billion of loans to GSEs, primarily Freddie Mac (FHLMC).Risk factors (Item 1A)

Also named by ABR, AGNC, CBRE, DX, FICO, FSUN, LEN, NLY and 5 more

Financial services industry counterparties

concentrated innamed as a risk

We execute a high volume of transactions and have significant credit concentrations with respect to the financial services industry, predominantly comprised of broker-dealers, commercial banks, investment banks, insurance companies, mutual funds, hedge funds, CCPs, alternative asset managers and other institutional clients or finance companies.Risk factors (Item 1A)

Suppliers

Cloud service providers

depends onnamed as a risk

Due to increasing consolidation, interdependence and complexity of financial entities and technology and information systems, a cybersecurity threat or incident, information or security breach or technology failure that significantly exposes, degrades, destroys, renders unavailable or compromises the information systems or information of one or more financial entities or other third parties, including cloud service providers, could adversely impact us and increase the risk of operational failure and loss, as disparate information systems need to be integrated, often on an accelerated basis.Risk factors (Item 1A)

Also named by ALLY, BX, C, EFX, HLT, IDXX, LNC, MSCI and 5 more

Partners and platforms

Fannie Mae

depends onnamed as a risk

FHLMC and Fannie Mae are currently in conservatorship, with the Federal Housing Finance Agency acting as conservator.Risk factors (Item 1A)

Also named by ABR, AGNC, CBRE, DX, FICO, FSUN, JLL, LEN and 7 more

Zelle

named as a risk

Also, we may be adversely impacted by matters related to fraud perpetrated against our clients in connection with their use of electronic payments (including Zelle) and other similar products and services, which could result in judgments or settlements, and adversely affect our businesses and strategies.Risk factors (Item 1A)

Also named by FISV, FITB, HBAN, JKHY, V

Central counterparty clearinghouses (CCPs)

depends onnamed as a risk

We are also a member of various CCPs, which results in credit risk exposure to those CCPs.Risk factors (Item 1A)

Other companies

Commercial real estate

insures or lends tonamed as a risk

We have concentrations of credit risk, including with respect to our consumer real estate and consumer credit card exposure, as well as our commercial real estate, finance companies and asset managers and funds portfolios, which represent a significant percentage of our overall credit portfolio.Risk factors (Item 1A)

Also named by AFL, APO, AUB, C, CFR, FSUN, GBCI, JPM and 11 more

Places

United Kingdom

operates innamed as a risk

Also, we have U.K. net deferred tax assets (DTA) which consist primarily of net operating losses that are expected to be realized in a U.K. subsidiary over an extended number of years.Risk factors (Item 1A)

Also named by AGX, AJG, AMP, BF/B, BGC, BRO, C, CACI and 59 more

China

named as a risk

Also, the continuation or escalation of tensions between the U.S. and the People’s Republic of China (China), including tariff increases, could lead to further U.S. measures that adversely affect financial markets, disrupt world trade and commerce and lead to trade retaliation, including through the use of counter tariffs, foreign exchange measures or the large-scale sale of U.S. Treasury bonds.Risk factors (Item 1A)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

Taiwan

named as a risk

We are also subject to other geopolitical risks, including acts or threats of international or domestic terrorism, including responses by the U.S. or other governments thereto, corporate espionage, civil unrest and/or military conflicts, including the escalation of tensions between China and Taiwan, which could adversely affect business, market trade and general economic conditions abroad and in the U.S.Risk factors (Item 1A)

Also named by AAOI, AAPL, AB, ADI, AEHR, ALAB, AMAT, AMD and 50 more

California

named as a risk

In addition to the consent order regarding BSA/anti-money laundering and economic sanctions compliance programs, in recent years we have entered into orders or settlements with certain government agencies regarding the rates paid on uninvested cash in brokerage and investment advisory accounts that is swept into interest-paying bank deposits, credit card sales and marketing practices and representment fee practices and our participation in implementing COVID-19-related government relief measures and other federal and state government assistance programs, including unemployment benefit processing for California and certain other states.Risk factors (Item 1A)

Also named by A, AAON, AFRM, ALK, ALLY, AN, ARE, AVAV and 88 more

U.S. housing market

concentrated innamed as a risk

A downturn in the U.S. housing market could result in significant write-downs of asset values in several asset classes, notably our held-for-investment residential mortgage and home equity portfolio.Risk factors (Item 1A)

Also named by FND, HD, POOL, SHW, STRL, WY

Hazards

Hurricanes

named as a risk

The increasing frequency and severity of extreme weather events and natural disasters, including earthquakes, droughts, floods, wildfires and hurricanes, could negatively impact collateral, the valuations of home or commercial real estate or our clients’ ability and/or willingness to pay fees, outstanding loans or afford new products.Risk factors (Item 1A)

Also named by AIG, AN, ASO, BBY, BJ, BPOP, BRO, CAVA and 89 more

Regulators

Federal Reserve

subject to · 2.5 percentnamed as a risk

For example, based on the results of our 2025 CCAR stress test, the Corporation’s SCB decreased to 2.5 percent.Business (Item 1)

Also named by AGNC, AUB, AXP, CASH, COF, DX, EFSC, EWBC and 24 more

Federal Deposit Insurance Corporation (FDIC)

subject tonamed as a risk

For example, in 2023, the FDIC issued its final rule to impose a special assessment to recover the loss to the DIF resulting from the closure of Silicon Valley Bank and Signature Bank, the amount of which has been subsequently reduced.Business (Item 1)

Also named by AFRM, BNY, CASH, CFG, CFR, COF, FCFS, FCNCA and 27 more

Office of the Comptroller of the Currency (OCC)

subject tonamed as a risk

For example, in December 2024, the OCC issued a Consent Order against BANA relating to certain aspects of its BSA, anti-money laundering and economic sanctions compliance programs, and we continue to respond to requests for information about similar aspects of such programs from other regulators.Risk factors (Item 1A)

Also named by ADP, AMP, AXP, BLK, C, CASH, CFG, COF and 22 more

Consumer Financial Protection Bureau (CFPB)

subject to

our insurance activities are subject to licensing and regulation by state insurance regulatory agencies; and our consumer financial products and services are regulated by the Consumer Financial Protection Bureau (CFPB).Business (Item 1)

Also named by ABNB, AFRM, ALLY, AN, AUB, AXP, CASH, CFG and 61 more

U.S. Commodity Futures Trading Commission (CFTC)

subject to

In addition, certain U.S. and foreign subsidiaries are also registered with the CFTC as swap dealers,Business (Item 1)

Also named by AB, ADM, AGNC, AMG, BGC, BMNR, C, CBOE and 35 more

Prudential Regulatory Authority

subject to

For example, our financial services entities are subject to regulation in the United Kingdom (U.K.) by the Prudential Regulatory Authority and Financial Conduct Authority, in Ireland by the European Central Bank (ECB) and the Central Bank of Ireland and in France by the ECB, Autorité de Contrôle Prudentiel et de Résolution and Autorité des Marchés Financiers.Business (Item 1)

Laws and programs

OECD global minimum tax

subject to · 15 percentnamed as a risk

Also, new guidelines issued by the Organization for Economic Cooperation and Development (OECD), which are currently enacted or being enacted into law in some OECD countries in which we operate, will impose a 15 percent global minimum tax on certain taxpayers on a country-by-country basis.Risk factors (Item 1A)

Also named by AAPL, APP, ARW, AXP, BALL, CB, CBRE, CROX and 15 more

G-SIB surcharge

subject to · 3.5 percent from 3.0 percent in 2027named as a risk

For example, our G-SIB surcharge is expected to increase to 3.5 percent from 3.0 percent in 2027, and could increase further in the future.Risk factors (Item 1A)

Also named by GS

Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994

subject to · greater than 10 percent of the total amount of depositsnamed as a risk

At June 30, 2025, we held greater than 10 percent of the total amount of deposits of insured depository institutions in the U.S.Business (Item 1)

California Consumer Privacy Act (CCPA)

subject tonamed as a risk

We are also subject to existing and potential LRRs in the U.S. and abroad, including the CCPA and GDPR, regarding privacy and the disclosure, collection, use, sharing and safeguarding of personally identifiable information, including our employees, clients, suppliers, counterparties and other third parties.Risk factors (Item 1A)

Also named by AAP, AIOT, AKAM, ALL, APP, AYI, BBSI, BBW and 69 more

U.S. Bank Secrecy Act (BSA)

subject tonamed as a risk

For example, we are subject to the U.S. Bank Secrecy Act (BSA), which contains anti-money laundering and financial transparency laws designed to detect and deter money laundering and the financing of terrorism, as well as record-keeping, reporting, due diligence and customer verification requirements, various sanctions programs administered and enforced by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and foreign jurisdictions, which target entities or individuals that are, or are located in countries that are, involved in activities, such as terrorism, hostilities, drug trafficking or human rights violations and the U.S. Foreign Corrupt Practices Act (FCPA) and the U.K. Bribery Act, relating to corrupt and illegal payments to government officials and others.Business (Item 1)

Also named by AUB, CASH, CPAY, CUBI, EFSC, EWBC, EZPW, FISV and 10 more

Comprehensive Capital Analysis and Review (CCAR)

subject tonamed as a risk

Those scenarios may affect our CCAR stress test results, which could impact our SCB and require us to hold additional capital.Risk factors (Item 1A)

Also named by HBAN, JPM, SCHW, TFC, USB

Volcker Rule

subject to

A banking entity with significant trading operations, such as the Corporation, is required to maintain a detailed compliance program to comply with the restrictions of the Volcker Rule.Business (Item 1)

Also named by AMP, GS, HBAN, MS, NTRS, PNC, RJF, SCHW and 5 more

Technology

Stablecoins

competes withnamed as a risk

As new technologies evolve and mature, including the further development of the nonbank digital asset ecosystem (e.g., related to nonbank stablecoins or digital asset trading), and new competitors to the payments and trading ecosystems emerge and current competitors adapt, our businesses and results of operations could be adversely impacted, and we could experience increased volatility in deposits and/or significant long-term reduction in deposits (i.e., financial disintermediation).Risk factors (Item 1A)

Also named by CPAY, EWBC, FCNCA, KEY