BAC · Forward model · Global Wealth & Investment Management
What has to happen in Global Wealth & Investment Management
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Global Wealth & Investment Management
Basis quarter$6.87B
Final quarter$9.55B
Implied CAGR+7%
Final revenue mix24%
Merrill and the Private Bank. $6,871M of FTE revenue, +16% year over year, on $2.3T of AUM and $4.9T of client balances. Asset management fees are the swing factor and they follow market levels, which makes this a growth line rather than an AUM-times-fee-rate subscription.
Last four quarters
2025 Q3
$6.31B
Reported
2025 Q4
$6.62B
Reported
2026 Q1
$6.71B
Reported
2026 Q2
$6.87B
Reported
Merrill Wealth ManagementBank of America Private Bank
Sequential growth
+2.0%/qtr
decaying toward +1.5%
2.0% QoQ, below the 2.4% Q1-to-Q2 print. AUM +17% supports a mid-single-digit sequential.
Global Wealth & Investment Management
Latest: $9.55B (2031Q2E)
| Period | Value |
|---|---|
| 2022Q4 | $5.41B |
| 2023Q1 | $5.32B |
| 2023Q2 | $5.24B |
| 2023Q3 | $5.32B |
| 2023Q4 | $5.23B |
| 2024Q1 | $5.59B |
| 2024Q2 | $5.57B |
| 2024Q3 | $5.76B |
| 2024Q4 | $6.00B |
| 2025Q1 | $6.02B |
| 2025Q2 | $5.94B |
| 2025Q3 | $6.31B |
| 2025Q4 | $6.62B |
| 2026Q1 | $6.71B |
| 2026Q2 | $6.87B |
| 2026Q3E | $7.01B |
| 2026Q4E | $7.14B |
| 2027Q1E | $7.28B |
| 2027Q2E | $7.41B |
| 2027Q3E | $7.54B |
| 2027Q4E | $7.67B |
| 2028Q1E | $7.80B |
| 2028Q2E | $7.93B |
| 2028Q3E | $8.06B |
| 2028Q4E | $8.19B |
| 2029Q1E | $8.32B |
| 2029Q2E | $8.45B |
| 2029Q3E | $8.58B |
| 2029Q4E | $8.72B |
| 2030Q1E | $8.85B |
| 2030Q2E | $8.99B |
| 2030Q3E | $9.13B |
| 2030Q4E | $9.27B |
| 2031Q1E | $9.41B |
| 2031Q2E | $9.55B |
Assumptions & reasoning
- Asset management fees of $4.4B, +19%, are the majority of the line. AUM of $2.3T and client balances of $4.9T are the volume tell, but management fees are not disclosed against a fee rate the engine could charge.
- The 27.4% margin is pre-tax income of $1,884M over $6,871M of FTE revenue, and it matches the 27% GWIM pre-tax margin ratio disclosed in the 2Q26 deck.
- Provision is immaterial here at $11M on $6,871M of revenue: GWIM credit risk is securities-based lending, which charges off at about 0.01%. There is no provision cushion to give back in a downturn.
- Terminal 27.0% holds the disclosed margin rather than expanding it, because the fee base is levered to market levels rather than to an operating-leverage story.
- Seasonality was tested and rejected: signal 0.0298 against a worst window spread of 0.0497, with Q4 ratios of 0.970, 1.020 and 1.016 showing no stable shape.