Bank of America Aims for $1 Trillion in Consumer Investments by 2028

Bank of America Aims for $1 Trillion in Consumer Investments by 2028

Bank of America’s Consumer Investments Surpass $500 Billion

Bank of America’s retail consumer investment business has grown to over $500 billion in assets this year, with aspirations to reach $1 trillion in the next five years.

Doubling Every Five Years

Since its launch in 2010, the consumer investment business has doubled its assets approximately every five years. Aron Levine, Bank of America’s president of preferred banking, expressed confidence in maintaining this trajectory, citing consistent growth patterns.

Empowering Mass Affluent Investors

The investment platform provides tools for clients to manage their own investments while also offering guidance through online resources and financial advisors. This approach appeals to “mass affluent” clients who value both self-direction and expert advice.

Diverse Investment Preferences

Consumers are focusing on technology stocks and equities but are also using mutual funds and exchange-traded funds (ETFs) to diversify their portfolios. This mix reflects a growing trend of strategic, diversified investing.

Strong Consumer Financial Health

Levine highlighted several positive indicators of consumer financial health, including:

• Savings levels still above pre-pandemic trends.
• Stabilized debt levels.
• Strong employment rates supporting steady holiday spending.

Expansion Plans to Boost Growth

Bank of America plans to open 165 new branches in the U.S. by 2026, a move expected to enhance its investment asset base and strengthen consumer engagement.

Younger Generations Lead the Way

Gen Z and millennials represent nearly one-third of the bank’s consumer investment accounts. These younger clients are increasingly active in investing, followed by Gen X and baby boomers.

Bank of America’s growth strategy reflects a focus on empowering retail investors and adapting to evolving market trends.