BofA Consumer Investments Exceed $500 Billion as It Aims for $1 Trillion
Bank of America sees its consumer investments surpassing $500 billion, targeting $1 trillion in the next five years
Bank of America, Investments, New York, Consumer Finance, Millennials, Gen Z
New York: So, guess what? Bank of America just hit a huge milestone. Their consumer investments have topped $500 billion this year! And they’re not stopping there; they’re aiming for a whopping $1 trillion in the next five years.
Aron Levine, who’s the president of preferred banking at BofA, mentioned that they’ve been doubling their investments every five years. He’s pretty optimistic they can do it again.
They kicked off their consumer investment business back in 2010. It’s designed for folks who want to manage their own investments but still have access to online tools and financial advisors when needed.
Most people are diving into tech stocks and equities, but some are also spreading their wings with mutual funds and ETFs to mix things up a bit.
Levine also shared some good news about consumer spending. Even though savings are down a bit, they’re still above what they were before the pandemic. Plus, people are still spending, especially during the holidays.
To keep the momentum going, BofA plans to open 165 new branches across the U.S. by the end of 2026. That should help boost those investment numbers even more.
Interestingly, about a third of their consumer investment accounts are held by Gen Z and millennials. These younger folks are really getting into investing, which is great to see!
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