Bank of America Bets Big on Wealth: Merrill Targets $150B a Year in New Assets and a 30% Margin as Moynihan Sees ‘Huge Opportunity’
Bank of America is doubling down on wealth management. Less than a week after its first Investor Day since 2011, the bank’s leadership is telegraphing an aggressive plan to grow Merrill’s fee‑generating assets by as much as $150 billion annually and lift Global Wealth & Investment Management (GWIM) to a >30% pre‑tax margin—moves CEO Brian Moynihan frames as tapping a “huge opportunity” in U.S. wealth and the ultra‑high‑net‑worth market. Fortune+2 What changed: A sharper, wealth‑led growth story At last week’s Investor Day, Merrill co‑head Eric Schimpf told investors the firm is aiming for 4%–5% net new asset growth and $135B–$150B