BANK OF AMERICA CORP /DE/

Global Markets offers sales and trading services and research services to institutional clients across fixed-income, credit, currency, commodity and equity businesses. Global Markets product coverage includes securities and derivative products in both the primary and secondary markets. For more information about Global Markets, see Business Segment Operations in the MD&A of the Corporation’s 2025 Annual Report on Form 10-K.

The following explanations for period-over-period changes in results for Global Markets, including those disclosed under Sales and Trading Revenue, are the same for amounts including and excluding net DVA. Amounts excluding net DVA are non-GAAP financial measures. For more information on net DVA, see Supplemental Financial Data on page 5.

Net income for Global Markets increased $57 million to $2.0 billion for the three months ended March 31, 2026 compared to the same period in 2025. Net DVA gains were $63 million compared to $19 million in 2025. Excluding net DVA, net income increased $23 million to $2.0 billion.

Revenue increased $524 million to $7.1 billion primarily due to higher sales and trading revenue, partially offset by gains related to sales of certain leveraged finance positions in the prior-year period. Sales and trading revenue increased $722 million, and excluding net DVA, increased $678 million. These increases were primarily driven by higher revenue in Equities.

Noninterest expense increased $559 million to $4.4 billion primarily driven by higher revenue-related expenses and continued investments in the business, including people and technology.

Average total assets increased $132.3 billion to $1.1 trillion for the three months ended March 31, 2026 compared to the same period in 2025 driven by loan growth, higher levels of inventory and increased financing activity. Period-end total assets increased $58.9 billion from December 31, 2025 to $1.1 trillion driven by the same factors as average total assets.

The return on average allocated capital was 15 percent, down from 16 percent, primarily due to an increase in allocated capital. For information on capital allocated to the business segments, see Business Segment Operations on page 8.

Sales and Trading Revenue

For a description of sales and trading revenue, see Business Segment Operations in the MD&A of the Corporation’s 2025 Annual Report on Form 10-K. The following table and related discussion present sales and trading revenue, substantially all

of which is in Global Markets, with the remainder in Global Banking. In addition, the following table and related discussion also present sales and trading revenue, excluding net DVA, which is a non-GAAP financial measure. For more information on net DVA, see Supplemental Financial Data on page 5.

(1)For more information on sales and trading revenue, see Note 3 – Derivatives to the Consolidated Financial Statements.

(2)Includes FTE adjustments of $174 million and $78 million for the three months ended March 31, 2026 and 2025.

(3)Includes Global Banking sales and trading revenue of $242 million and $(37) million for the three months ended March 31, 2026 and 2025.

(4)Fixed-income, Currencies and Commodities (FICC) and Equities sales and trading revenue, excluding net DVA, is a non-GAAP financial measure. FICC net DVA gains were $49 million and $15 million for the three months ended March 31, 2026 and 2025. Equities net DVA gains were $14 million and $4 million for the three months ended March 31, 2026 and 2025.

Including and excluding net DVA, FICC revenue increased $66 million and $32 million for the three months ended March 31, 2026 compared to the same period in 2025 driven by improved trading performance in macro and credit products. Including and excluding net DVA, Equities revenue increased $656 million and $646 million driven by increased client activity and improved trading performance in derivatives.