Bank of America (BAC) Goldman Sachs U.S. Financial Services Conference summary

Macroeconomic and industry outlook

• U.S. economic growth projected at 2.4% for next year, with improved certainty compared to six months ago.

• Labor availability is a growing concern for businesses, especially in services and construction.

• Consumer spending up 4.3% year-over-year in November, consistent with 2%+ GDP growth.

• Credit quality remains strong across consumer, small business, and middle-market segments.

• Key risks include geopolitical events, rate structure missteps, and inflation, but outlook through 2026 remains positive.

Consumer and business trends

• Consumer account balances remain elevated compared to pre-pandemic, except for the highest balance cohort.

• Credit quality and FICO scores are strong; housing activity is slow due to rates but not credit issues.

• Small and middle-market businesses are healthy, with credit usage below pre-pandemic levels due to higher costs.

Growth strategy and competitive positioning

• Emphasis on organic growth, with competitive moats in technology, global markets, and integrated business lines.

• Consistent growth in primary checking accounts and commercial banking market share.

• Wealth management targets increased net new assets from 2-3% to 4%, with renewed advisor recruitment.

• Ongoing investment in technology and client-facing roles, while maintaining flat overall headcount.