Okay, good morning, good morning. Everybody's all chipper this morning. It's good to see. I want to get us started this morning. Thank you for joining us. Just a few forward-looking statements before we begin today. The Investor Day materials were published to the Investor Relations website on bankofamerica.com this morning early. That's going to include all the presentations, the materials that all of our speakers are going to be referring to throughout the day. I want to remind you that we're going to be making forward-looking statements and referring to non-GAAP financial measures throughout the entire day. Those forward-looking statements are including certain operational and financial targets. Expectations are based on management's current expectations and assumptions, and those are subject to risk and uncertainties.
The factors that may cause those actual results to materially differ from the expectations laid out are detailed in our cautionary note on forward-looking statements for each of the different decks, and they're available on our SEC filings, available on our website. With that, I'm excited that you're here. Thanks for joining, and I'm going to turn it over to the Chairman and CEO, Brian Moynihan. Brian.
Thank you, Lee, and thanks for all of you for joining us today. It is exciting to have you here. It is exciting to share with you this great company. What are we trying to do today? We are trying to basically show you how we have been executing, how we have been investing in the future, and the value that we create for our clients, our communities, our shareholders. Coming off a strong third quarter, we are going to highlight how we will continue to grow in the future, with earnings expected to grow at a fast pace and returns follow that earnings increase. You are going to hear from the various leaders throughout the day, Dateline and Business Ed and the leaders of the big platforms we have.
Importantly, at the end of the day, Alastair is going to take you through the targets and commitments that we have on efficiency ratio, return, and tangible common equity that allow us to drive shareholder returns. There is a lot of data. I was talking to some of you early, 300+ pages. You have all read it from the time it came out to now. I am sure you have absorbed it all. You know, today we are looking to have a little fun, have you see the talent that can drive this company. The talent that we have, that they represent, and the 213,000 teammates that do a great job for you. I thought it was important to start off today to give you a little background to how we run the company to make sure that sits as a foundation for everything you see today.
We start with a simple question. What would you like the power to do? It's a question we ask the customers and clients we have. It's a question we ask the communities we have. It's a question that we ask the shareholders and our teammates. What we really want to convey with this, especially to our customers and clients, it's about them, not about us. It's about our ability to help them navigate and achieve their goals in a holistic and integrated way in their financial lives, whether it's buying a home, making an investment, or planning for retirement for an individual, helping an entrepreneur grow their businesses, or helping large multinational corporations or investors around the world manage their complex financial needs. In each case, the role we have is to provide the tools, advice, and support that empower those clients to succeed.
I also want to start with our foundational beliefs about what we do at Bank of America and what we face in the industry and economy writ large. You can see them spelled out in this page three. We believe in a client-focused model. We believe our clients benefit from the capabilities we offer through a set of integrated, world-class capabilities delivered by eight lines of business supported by large-scale industry platforms. These capabilities have been developed and invested in over decades, as a matter of fact, even centuries, and they reflect our commitment to build long-term, deep, primary relationships. It's not about a single product sale. It's not about a single transaction. It's about a delivery for clients across their lives, whether a person, a business, or an institution.
We're positioned well to serve our customers and clients at all points in their life on an integrated basis with world-class capabilities. We deliver in the U.S., and we deliver globally, like very few can. We do it with a disciplined, integrated, local focus in every market, which none do. With operations in 37 countries and a significant presence in every major U.S. city, we're able to serve clients wherever they are while maintaining the local relationships that matter most to them. We connect to the world through our clients and our clients through the world. We're obviously heavy geared to America, with 80% of our revenue coming from. Why are we that? Because America is the largest, most successful economy in the world. We help drive that economy as we help our companies and our businesses and our investors drive their success.
Our business is anchored by being the core to our customer and clients' daily lives, not selling standalone products, but by providing advice and ideas, not delivering transactions. This position gives us deep insights into what they're doing, allowing us to serve them holistically and grow the relationships over time. It leads to long, long relationships, very low attrition of the customer base, and a low cost of additional product sale to those customers. We believe that to be successful in financial services, you also have to be high touch and high tech. We have incredible human talent in our company, but that alone is not enough. Our customers want it all 24 by 7, seven days a week. That means investing in digital platforms that make financial services easier, faster, and more secure. It also means investing in our people in physical space throughout the world.
Our advisors, our commercial bankers, our investment bankers, our product specialists who bring trusted advice to each local market and each local customer. We're focused and have been focused on continuous investments to drive a durable growth for the company for you. That grows steadily in alignment with our long-term strategies. A company that grows your investment in us tends to become a book value per share on a constant basis and delivers that with risk that withstands recessions, pandemics, wars, and many other external factors. The combination of the investments in technology we've made and the talent that we have enables us to continue to deliver innovation to drive further growth. That growth sticks to the ribs, and that growth is managed with the right risk, and that growth helps us drive efficiency and productivity. We're in extremely competitive, commodity-oriented businesses.
Driving down our cost to serve and sell is critical in every one of our businesses. You'll get here today that new technologies may give us new possibilities to continue to do that in ways we haven't done before. The discipline we have has helped us navigate economic cycles, regulatory changes, and market volatility, all while delivering strong results for you. We've created that value for our shareholders through strong profitability and consistent capital management. Over the past several years, we've returned and earned hundreds of billions of dollars and delivered it back to our shareholders through dividends and buybacks. We've done that while delivering and maintaining a strong balance sheet, investing in our business, and supporting our clients. Driving all this is a deep bench of talented teammates. They all have long tenures in our company, and they're led by the individuals you see on slide four.
A couple of points to make here. Recently, I named Jim DeMare and Dean Athanasia as Co-Presidents of the Company, and we also elevated Alastair Borthwick to Executive Vice President. All this acknowledges what these teammates have contributed to our company over many years. Importantly, it helps leverage their talents for the company as a whole. They're going to help me work on company-wide initiatives and focus and drive that long-term growth you're going to hear from our teammates today. Many of the other leaders have joined us today, so they'll be there at lunch or on breaks for you to talk to. The key point about these leaders is simple. They're talented, yes. They're adaptable. They've been in many parts of the company. The most important thing they understand is that the company's success is the success we're all after, not their own.
They have lots of energy, and you're going to hear that today. What are they going to tell you today? They're going to walk you through eight lines of business and how they're performing. They're going to show you where that growth comes in the future. They're going to show you that strong profit engines are in place, how they drop the NII growth that Alastair talked about to the bottom line. They'll do that through strong expense management. You can also hear from our teammates who drive the platforms that support our businesses. By leveraing the architecture and scalability of our T echnology team, our Operations teams, our Payments team, our Digital Marketing teams, we're able to make smarter decisions, faster decisions, and scale them and make them more efficient.
They're also going to continue to tell you today about how they're going to invest in the future. Yes, that will include our work on artificial intelligence. Now, these aren't theoretical applications or proofs of concept that you're reading about in the press. These are tendered tools applied to real-life activities that already help us personalize client experiences, streamline capabilities, and identify new opportunities, all while saving human capital. We see AI and other innovations as continuing to shape the future of financial services and the economy, and we plan to continue to lead that. Let me take a moment and talk about our operating model. As you can see on slide five, we go to market through the eight lines of business you're familiar with. They're reported to you through the four segments that are at the top of the page.
Why do we have eight lines of business? Because customers are different. Each serves a distinct customer group with a differentiated model tailored to meet that client's needs. It's also a model that enables collaboration across the businesses, sharing insights, coordinating strategies, and delivering a seamless experience for our clients as they move across their lives or through their lives and between our lines of business, whether it's a person, a company, or an institution. As you listen to growth that the teammates are going to talk to you about, I'd remind you we're already built to scale, and no matter how many times a client wants to touch us. Our technology enables that without substantial additional cost. Now, each of these businesses are market share leaders. There's an old adage attributed to Jack Welch that you want to be one, two, and three in your business.
Quite frankly, we are. Now, that's except for our markets business, which is four, and I'm sure Jim and the team have great plans to move that up even more as they've done. That structure and that platform enhances our efficiency, response, and alignment with our clients. It also helps us manage risk well. A client-centric approach with a centralized view of the risk of those clients helps us make better decisions, respond quickly to changes in the environment, and maintain a strong operating control environment. It also allows us to allocate capital expense growth more strategically. We invest in our company where we see the greatest opportunity to drive shareholder returns, and we just make sure with the management team that our resources are aligned to do that.
As you can see on slide six, we have the size and scale to serve people across the United States, whether they're mass market consumers, mass affluent consumers, or wealthy consumers. We serve them across their entire life, from birth to death. In fact, with our trust business, we serve them beyond their death, from an hourly worker to the richest person in the world, all products and all capabilities across this continuum. This model took years to develop. Acquisitions, billions of dollars to build and support it, to integrate it, and it is a competitive advantage that no one has. It allows us to grow with our clients as their needs evolve, offering tailored solutions at every stage of their financial lives.
Our consumer and wealth business leaders will walk you through not only our current leading competitive positioning and historical performance, but also their plans to continue driving stronger growth for you and stronger returns in the future. You will hear from them how they continue to invest in capabilities and client service and talent in our brand and our technology, continue to deepen relationships, and to continue to expand our reach. Now, turning to slide seven, we go to the other continuum. Our business leaders are positioned to serve across the full business spectrum, from a startup all the way to the largest multinationals in the world. At the smaller end of that continuum, Bank of America is the biggest Small Business lender in the United States, serving entrepreneurs and local businesses with tools, advice, and capital they need to grow.
We support that great American entrepreneur like no other bank all across America. As we move up the business customer continuum to middle market clients and their expanded needs, we hold a strong leadership position with middle market companies that Wendy will talk to you about later, helping them scale, manage risk, and expand into new markets. We do this in the U.S. and in select countries around the world that make most sense for us as a company and for you as shareholders. With large corporate clients that Matthew and his team lead, we provide the largest multinationals, whether headquartered in the United States or anywhere else in the world, with comprehensive solutions across lending, treasury, strategic advisory, and capital markets. Now, there is an investor continuum. It starts, obviously, with Merrill Edge in the Consumer Business, our industry-leading digital platform that is up to $600 billion in balances.
As client needs expand, we have industry-leading platforms that take them into the wealth advisory businesses, Merrill and the Private Bank. As you move to large family offices or hedge funds or asset managers like all you are part of, or alternative investment management firms, i.e., the most sophisticated investors in the world. We serve them in our Global Markets team, a business which has increased its market share over the last five years after strengthening its platform in the years leading up to the pandemic. Supporting these customers, we operate some of the most scaled and sophisticated platforms in the world. We go to market through eight lines of business, but it's also important to understand what's behind them. You can see here on slide eight the capabilities we offer clients around the world that very few competitors can match.
I commend you to look at the stats later this afternoon when the teammates talk about these areas. For example, just look at how much money moves in a 24-hour period in this company and how our teammates deliver it flawlessly. No matter what part of the business, personal investor continuum, our customers or clients reside, they use the capabilities across the company. Examples are our research team, Candace Browning Research Team that supports a lot of you. That team feeds our chief investment officers in the Wealth Management business. That team feeds the research on rates and currencies, which is important to our middle market client base to hedge the bets they make as they work in the supply chain. That team feeds our capital markets with advice and our large corporates to help those companies also manage your risk.
It feeds through the information we give you as investors every day. And so on and so on and so on. We have one of the leading workplace benefits platforms, top-tier 401(k) plans, stock plans, pensions for our commercial customers. We also have employee banking investing. This is a unique offering at Bank of America, loans, deposits, and advice to our commercial clients' customers with strong benefits for them. You're going to hear more about this as we go through the day. David and Jeff, Mark, Hari, and Tom Scrivener will talk about these global platforms. Turning to slide nine. Bank of America achieved the first nationwide franchise in the United States 20+ years ago with its acquisition of FleetBoston here in the Northeast. We were seeing a shining sea, but that was not fully complete. Sections were not served just by t he fact we didn't have a historical business in those areas. So a decade ago, the team set to close that gap. With expansion in new markets in the past seven years, plus six planned expansions ahead, we will truly cover America in a densified, all eight lines of business-focused way. A nationwide franchise with this density and this capability in all those cities is a unique advantage. If people grow up and stay in their hometown, we're there. If people go to college somewhere else, we're there. If people move for business or for personal reasons, we're there. If a company opens a new location somewhere else in this country, we are there. If an overseas multinational company opens a business in the United States, we are there. We back all this, importantly, with an integrated local team. And that's the key difference: local and global.
This integrated approach enables us to deliver the full breadth of our capabilities to every customer and client locally where they want it, through a robust network of highly coordinated and goal-delivery teams embedded in every community we serve. Dean can talk more about that a little later today. This same model allows us to deliver our capabilities on a global scale across most of the sizable economies in the world. For business clients, whose businesses or supply chains have grown to require the reach on a global basis, or investors that want to invest across the globe, we're there for them also. Today, you'll hear from Wendy and Matthew and Jim and Bernie about those capabilities. We are recognized by third parties for those capabilities, and you can see it below.
Now, turning to slide 10, I want to emphasize a fundamental point that is also critical to our customers, but also critical to you as investors. At the core of every one of our relationships at Bank of America is trust. That trust begins when a customer gives you their core operating account, whether a person or a business institution. I'm not talking just about the deposit account, but the primary deposit account, the one that they conduct their daily activities with. We put the clients at the center, many people say that, but importantly, we endeavor to be at their center. Selecting us as the primary provider is a critical moment in the relationship. It's the proof point, and anything else is a product. It signals confidence in our ability to safeguard their financial lives or operations and opens the door to deeper engagement.
As you're going to hear from our business leaders, this is not only good for our clients, but it drives real value for them, obviously, but it also allows us to build on that foundation with tailored solutions, advisory services, and long-term support. For example, in consumer, it powers our industry-leading historic Preferred Rewards program, which cements deep relationships in our consumer and wealth businesses. For our Global Banking and Global Markets businesses, it leads to greater client profitability and good capital allocation. For you, our shareholders, it's equally powerful. These relationships drive durable profitability, have very strong retention, and create opportunities for growth across the entire platform. One way to see this is in our deposit pricing. I get asked by many of you over the years, "How come your deposit rate paid is so much lower than other people?" We're competitive in the products.
We pay the market rates. It's our mix of deposits that's the difference, and that comes from the core transactional accounts. 70% of our deposits are in consumer or operating accounts for businesses, $1.4 trillion and growing. That's what drives the profitability of this company. This is a simple concept, but it takes years to execute correctly, and you have to do it relationship- by- relationship. Turning to slide 11, we're going to highlight our focus on core relationships throughout the day and how that's driven strong organic growth. This slide comes basically from our third-quarter information. As a reminder, we've been showing this quarter- after- quarter so you can find it in the data, but today, you're going to see it pulled together by each of the businesses. Just a couple of highlights.
In our consumer banking teams, have delivered 27 straight quarters of net new checking account growth. Five million-plus primary household accounts with an average balance in that business still above $9,000. That is a testimony to the strength of our franchise, that focus on the core operational account, that focus on depth of relationship. The Wealth Management teams continue to expand and deepen their client base, delivering strong flows through investment advice, providing world-class banking services, and growing our advisory network throughout the country. It is a full household services model, banking and investing. In Global Banking, we are driving growth across lending, treasury, and advisory, serving clients across the U.S. and the world. In the Global Markets, you can see the statistics here. We continue to execute across one of the planet's leading Global Capital Markets platforms, supported by that industry-leading research and that global reach.
These results show you the power of the integrated model today as in the third quarter of 2025. It shows you the discipline in which we execute. What you're going to hear from today, and it will be fun to hear, is our teammates' plan for the growth ahead. Turning to slide 12. One of the primary reasons consumer and business clients work with Bank of America and give us their operating accounts is the straight convenience and efficiency of the delivery networks we have. We've made continuous investments to upgrade those networks, ensuring they meet the evolving needs of our customers and clients around the country and around the world. With the 3,600 financial centers, you can see we offer in-person access for what matters most to consumers and small and medium-sized businesses.
We have renewed every single branch at a cost of billions of dollars plus in the last five years or so. Through the continuous optimization of these financial centers, you're going to see the unmatched efficiency today. Our average center, the average center of Bank of America, has $500 million of deposits in it. The average center of Bank of America has $300 million of retail deposits in it. Those far exceed the industry averages by a lot. At the same time, our digital capabilities provide clients with seamless, secure, and convenient access to their finances anytime, anywhere. We spent decades building and optimizing this combination of high touch and high tech, as we call it. It's what gives us the right to gather that core operating account at a low cost to serve while delivering satisfaction that strengthens relationships and elevates our brand.
As customers demand more and more access, we can provide that access almost on a limited desire with little added cost due to things like Erica. You are going to hear about that, which has been deployed now for eight years and 3 billion customer actions and 2 million in the last 24 hours. You are going to hear that from Holly. You are going to hear more from David. In the later day, you are going to hear how this all comes to life from the consumer. Importantly, you are going to hear this from other business leaders. That high tech and high tech permeates Global Wealth Investment Management. Lindsay and Eric will talk about that. It permeates Global Banking, and Matthew will talk about that, as will Mark Monaco on the Payment side. It permeates Global Markets, and Jimmy will talk about that.
Every line of business takes advantage of the high touch, high tech way we work. I also ask you to come in to see the demos downstairs where you can actually experience what our teammates and our customers experience. I just spoke a lot about technology, and it clearly drives our success. Slide 13 shows the continuous investments in technology, which is core to delivering our capabilities. You're going to hear from Hari later. Technology is a strategic enabler. We've made sustained long-term investments to ensure it remains a competitive advantage. Just over the past decade, we've invested more than $100 billion in technology expense. In 2025, we will spend $4 billion in technology code initiatives. That's part of the total annual expenditure of $13 billion.
These investments deliver value both externally and internally for our clients, unique capabilities, insights, and seamless experience for our teammates, help them do work better. Later today, Hari, Mark, Tom, and David will walk you through how these investments come to life across our platforms. Yes, they will also discuss how AI applies to this and drives even another round of efficiency. As we look to slide 14, we continue to make significant investments to the other stakeholders we serve. Our clients, obviously, remain deeply committed to the communities they live in, and it's part of why we invest in those communities and our teammates. We've made meaningful progress in areas like affordable housing, Small Business lending, workforce development, climate finance. These efforts aren't separate from our business. They're just a part of the business. It's how we grow. They support our brand in those communities.
They create long-term value. When the communities that we serve are strong, we are strong. We also invest heavily in the Bank of America teammates. We've increased our minimum starting wage by 67% since 2018 to $25 an hour. We've expanded our sharing success, our stock ownership program for the entirety of the company's employees for eight straight years to ensure all those teammates are shareholders and their interests aligned with yours. We offer a strong benefits package, including industry-leading parental, elder care, and emotional wellness benefits. Where does this pay back? In a very low turnover, now almost a record low, is how that investment pays back as shareholders. One of the keys we've been able to consistently invest in, in addition to our teammates, is technology, market, and employee programs. As we think about our teammates, they represent 60% of our cost.
I'm going to show you a slide here on slide 15 that shows the travel of our headcount across three eras of Bank of America. The first, the far left 2010, 2012 era, was there to fix the post-GFC issues, got rid of $300 billion in non-core loans, $50 billion in private equity, huge mortgage servicing costs and liabilities, and streamlined the businesses and reduced FTE. The next era towards the middle was new BAC, which dropped expense and FTE even further. We continue to work on process improvements and operational excellence, manager spans and control, and all the things you hear a lot of people doing today. The third era is where we reached in 2017 through today. You see it's a relatively neutral headcount.
If you look at the captions on the right-hand side of this page, you can see it was all while I was investing in the growth of the platform. More. We managed through the pandemic, which we had to add teammates to serve our customers in a different way, a regulatory onslaught, invested in our international capabilities, more technology teammates to help us deliver that $4 billion, more information security teammates to keep our systems safe, more relationship management capabilities in all our markets in the United States and around the world. You can see all those areas all generating growth. During this era, we managed from a low of $204 billion to a high of about $218 billion and back down to $213 billion, and we've been there for the last several quarters.
If you notice in the list of teammates, there's something different about the first two eras than the era on the right. Where did the FTE reductions come from? They came in consumer and operations. What's interesting is now we can drive productivity even better across the other areas in the company. You're going to hear about this later, how in finance or audit and legal or loan underwriting or pitch book preparation, all the areas where new technologies will allow us to continue to drive investment in the business while running an efficient platform. The work we've done positions us to move back below 60% in the near-term in efficiency ratio, a place we've been before the pandemic. Alastair's going to talk to you about that later today.
Now, as we go to slide 16, everything we discussed today, our platforms, our talent, our technology, has taken years of development and billions of dollars in investment. Above all else, and you hear this from our teammates today, we have to grow with no excuses. This is an and statement, responsible growth, not an or statement. Driving this growth the way we've done it has a durability in our culture. You are going to hear from our business leaders today that they are going to give you a host of proof points. We take the risk through a trillion dollars in loans. We take the risk through these operating platforms you see. We drive that risk for profit for you.
Wendy, Matthew, and Jimmy are going to talk about the commercial loan growth they've seen, and they'll continue to drive higher growth in the future, and they'll commit to you to do that. On the deposit side, we grow it above industry rates, and Holly and Lindsay and Eric and Katy and Wendy and Sharon and Matthew are all going to talk about how they're committing to even higher growth rates in the future. On the fee side, Jim will talk about the Global Markets team, how they have had 14 straight quarters of growth in sales and trading revenue on a year-over-year basis. To do that, we've moved the balance sheet from $700 billion to $1 trillion in size. And Matthew has taken Investment Banking share, and he'll show you that later.
In the Wealth services, the fee revenues also grow nicely through both advisory service and taking lending risk with clients. Eric, Lindsay, and Katy will talk about that and their plans for higher net asset growth going forward. Our growth is a growth that sticks to your ribs, and it continues despite the ups and downs in the economic environment. The question we always ask our team is a question you ask Lee and I and others. Alastair, when we're with you, can you grow faster? We have the plans to do that. You'll hear about those today: faster card growth, private capital competitive responses, and many other areas. Before I close, I want to spend just a few minutes on the macro environment. It's important to acknowledge that it's an interesting time out there. Complex dynamic changes daily.
Interest rates, inflation, geopolitical tensions, regulatory developments all shape the environment this great company operates in. My teammates at Bank of America have positioned this company to operate well against these challenges. Our balance sheet provides strength. Our diversified business gives us resilience. Our scale provides efficiency and further efficiency opportunities. Our client relationships offer deep insight in what's going on in the economy and our discipline execution ensures consistency. As we look into those customer bases today, we see the U.S. economy continue to grow, largely driven by the resilient consumer. Consumers remain active. I just got the October data, and the money moving to spending by those consumers was up 6% versus last October. Employment remains steady. We can see that in the paychecks coming into our consumer accounts. We're going to see the moderation and the growth of that in our Small Business customers.
Asset quality at Bank of America remains solid, and the industry remains solid. In fact, consumer asset quality has improved at Bank of America over the last few quarters. We see the wage growth in those accounts as you can see the deposits come in on direct deposit. You see some disparity between the lower and higher income segments. These trends that I'm talking about reflect a customer base that's still healthy and engaged, which supports our outlook and our strategies. When you think about the consumer side, that supports our business sides, who are largely reporting good profitability and good cash flow. Our commercial credit continues to improve at Bank of America. In the third quarter, you would have seen MPLs and criticized assets declined again. While I won't dwell on it.
We are also mindful of the other things we're all watching: further regulatory changes, government debt levels, and the impact on the economy, trade policies, and the like. Today, let's put all that aside. Let's talk about the energy these teammates can create in our businesses. Turning to slide 18, I'm going to leave you where I started. These are the foundational beliefs. Before I turn it over to our teammates, let me set the stage. In the third quarter of 2025, we reported revenue growth of 11%. We reported 600 basis points of operating leverage. Deposits grew 4% year-over-year. Loans grew 9% year-over-year. EPS grew 31% year-over-year. Credit quality improved throughout the consumer and commercial books. We made money trading every single day during the quarter. The growth is there, and the risk is well managed.
The NII that we promised you is dropping to the bottom line, therefore improving the efficiency. What does my team say when they see all that? It's a nice start. Today, you're going to hear from these teammates how they're going to leverage that nice start in the future. With that, I'm going to turn it over to Holly O'Neill. Thank you.
Thanks, Brian. Good morning, everyone. It's great to be here with all of you, including those of you who are joining us virtually, to share how our Consumer Business will grow next: consumer covers, retail, preferred, and Small Business. Lines of business. We serve 69 million consumer clients across the U.S. I'll first hit on our financial profile, including our third-quarter performance.
I'm going to give you a sense of who we are, how we operate the business, and where we'll take the growth of our business next. In 2024, the Consumer segment, including Retail, Preferred, and Small Business, delivered $41 billion in revenue, a 53% efficiency ratio, and a 25% return on capital. We've seen continued momentum in the third quarter this year, with revenue up by 5%. Expense at a low single-digit growth rate, net income up by 13%, efficiency ratio down, and return on capital up, all moving in a positive direction. These results are off $1.8 trillion in client balances, $949 billion of deposits, $322 billion in loans, and $580 billion in investment assets. Page four.
Let's move on to who we are, how we operate the business, and very importantly, where we'll take the growth of our business next. Page five. Our strategy is centered on the core operating account, the anchor of our client relationships. From this core account, we expand into credit and investment solutions as client needs evolve. We deliver excellence in client experience to all of our clients through a high-tech, high-touch strategy. The Consumer Business is comprised of mass market clients in the Retail business and mass affluent clients in our Preferred Business. Profitable delivery to the retail clients requires efficient, high-tech delivery of straightforward solutions. These retail clients also serve as a future feeder to our Preferred Business as their wealth grows and their needs become more complex.
Our Consumer Business profitability is driven by our Preferred clients, which is further supported through our team of specialists in our financial centers and a full suite of financial solutions, along with our loyalty program, driving high levels of client retention. As we look forward, the future growth of the business will be driven by our continued investments: investments in our high-tech, high-touch delivery, investments in our core deposit, lending, and investment solutions, investments in technology and AI, investments in brand and marketing, and investments in our industry-leading loyalty rewards program. Quite simply, there is no shortage of investments in this business. We have a scaled business and a leadership position across a comprehensive platform. A great foundation to drive future growth. Page six. Across the scaled and competitive business. 92% of our deposit clients use their operating account as their primary account.
We have industry-leading retention of 99% for our Consumer clients who are in our rewards program, validating our successful relationship-based model. We enjoy high levels of digital adoption at 79%. At the same time, we operate an efficient financial center footprint covering 82% of the U.S. population. We have a proven leadership position across our core solutions: deposit, lending, and investments. In 2024, all of this contributed to $41.4 billion in revenue, $10.8 billion in net income. In the third quarter of this year, our efficiency ratio was 49.9%, but who's counting? Key to future growth, returns, and performance is our track record of sustainable growth. Page seven. Since 2019, we've grown our clients by 3 million. We've had 27 consecutive quarters of high-quality net checking growth. Now with $947 billion in deposits, and that's up 34%.
We've grown our loan portfolio by 6% to $320 billion, with a strong risk profile and net credit loss ratio of 139 basis points. We have $580 billion in investment assets on our Consumer investments platform, up 2.4x since 2019, at a rate of about 58,000 new accounts per quarter. These are high-quality consumer investment accounts with average balances of $143,000 per account. This growth has been across all of the Consumer segments. Page eight. Earlier, I covered the consumer P&L, comprised of Retail, Preferred, and Small Business. All three segments leverage our industry-leading digital capabilities and our Financial Center Network, where we have relationship bankers, financial solution specialists, credit specialists, and business specialists. We have more than 20,000 specialists in 97 local markets in our 3,650 financial centers, facing off with our clients every day. A scale advantage for us to drive growth.
You'll hear from Sharon Miller this afternoon about Small Business as she leads Small Business and Business Banking. Within the Consumer Businesses, we take a segmented approach. For our Retail Mass Market clients, we focus on Scalable Digital Solutions. For our Mass Affluent clients in our Preferred Business, we also offer specialists and more complex solutions as their needs evolve. Page nine. As you see here, it's necessary to automate at scale for our retail clients. They have lower average balances and need straightforward solutions along with Automated Digital Delivery. As the client grows, their needs and their wealth become more complex, we have specialists across our financial centers and a full complement of lending and investment solutions to deliver to our Preferred clients.
The preferred model has driven revenue growth with deeper relationships and the highest levels of client retention and loyalty: 12x more deposits, 2x more solutions, and higher levels of primacy. The Preferred Business drives the P&L for the Consumer segment. Key to serving both of these segments is an efficient, high-tech, high-touch model to optimize both growth and efficiency. Page 10. We have a scalable, state-of-the-art, and industry-leading digital platform with 49 million active digital users and 79% adoption. 66% of our sales in the third quarter came from Digital. In this year alone, our clients have interacted with our virtual financial assistant, Erica, over 500,000,000 times. Both of these numbers are up significantly, with digital sales doubling as a percent of sales over the past several years.
The momentum we have in digital driving growth and revenue across the business is reflected in the leverage we have, driving more with less. More client balances per FTE, more revenue per FTE. Client balances up by 4.4x and revenue per associate up 2x since 2011. We've been at this for a long time. As you see here, we have strong momentum. The acceleration in Digital can be seen across a variety of metrics. Page 11. It's seen across the board, the progress: users, sales, Zelle, and importantly, we have 20 million regular Erica users with 3 billion interactions with Erica since we launched it in 2018. We have a proven track record in driving Digital for both growth and efficiency, and we'll continue to do that as we invest in technology and AI.
Our digital capabilities are complemented by the most efficient physical network in the industry. Page 12. The brand and presence of our financial centers in local communities accelerates our growth. The network is responsible for capturing about 80% of our new clients, and our centers play a critical role even in Digital sales. We see a 50% increase in Digital sales after we enter a new expansion market with an actual physical location. We've expanded our footprint by 300 strategically located centers since 2019. I'll get more specific with our expansion plans in a few minutes. Let me walk you through how we operate our business. Before I do that, I want to say something. This is not a story of complacency. Our future growth is not reliant on size and scale alone.
It's driven by intentional strategies, continuous investments, and how we bring our business to life in our local markets. Let's talk about how we're driving growth through our core solutions: deposits, lending, and investments, the foundation of our client relationships, and long-term value creation. Page 13. How do we do it? It all starts with the core operating account, which sits at the center of our client relationship. Around this anchor, we deepen with lending and investment solutions, creating a full-service client financial experience. Our payment and transaction capabilities, along with ongoing innovation, are essential to delivering a seamless and valuable experience for our core account clients. Also critical to our strategy is our unique loyalty program centered on our clients having a core operating account with us. It rewards our clients as they expand their relationship with us, reinforcing long-term value and retention.
The core operating account is not just a product. It's the financial engine that powers our business and drives sustainable growth. Page 14. The deposit relationships that come with the core operating account create a stable base of deposits and significant value to the business. We've more than doubled our deposit base since 2010, and we've done that at a disciplined rate paid that adjusts quickly based on the rate environment. We've reduced our operating cost of deposits by 46%. The composition of our deposit base has also shifted, now with 50% of our deposit base being low and non-interest-bearing checking accounts. This is up from 36% in 2010. These elements result in strong deposit spreads at 294 basis points in the third quarter of this year and our ability to drive returns in the Consumer Business in different rate environments.
This value comes as we maintain rate-paid discipline and continue to focus on improving our operating costs. Page 15. With the operating account at the center of our strategy, we come to this from a position of strength. As the industry leader in consumer deposits with a high-quality base that is efficient and growing share. There is a lot of debate on the topic of consumer retail deposits, and I'm going to walk you through a few perspectives on our number one position here. It's important to note that the data on the industry piece of this slide comes from the FFIEC, the only public source of standalone retail deposits at the national level. I'll first start on the left, where we look at the FFIEC deposits and the lead we have grown over the number two player. This lead was $226 billion in the second quarter of 2019.
It has grown to $289 billion in the second quarter of this year. Our lead has grown by more than 25% over the past six years. This reflects a 34% increase in our total deposit base versus the industry, which grew at 23% during that same period. Second, we have grown both checking accounts and low and no-interest account balances. Accounts are up by 18% and balances are up by 40%. This has been quality growth with 92% of those accounts positioned as the primary operating account with an average tenure of 14 years. Last on the right, while we extended our lead and we grew quality deposits, we have also done it efficiently, producing 3x as many deposits per FC as the industry and more than $100 million more per FC than our next closest competitor. Let me pause here for just a minute. Deposits is our core focus.
We have proven leadership. We are growing quality, long-standing relationships. It has resulted in a deposit spread on the Consumer Business that is foundational to our returns today and our returns in the future. Now, let's shift from the broader industry view to how we are delivering strong deposit growth across our core markets. Page 17. Looking across our top deposit markets, growth of BAC has outpaced that 23% national retail growth average in all but a few markets and in all of our mature expansion markets, which are off to the right. A couple more notes on expansion markets. First, when you look at the more mature expansion markets, our average deposits per FC is $133 million, already outpacing the total industry average of $91 million, reflecting the strength of this franchise.
Second, when you look at all of our expansion markets, even those that we entered just mid this year, like Boise, our average deposits per FC is $106 million, also outperforming that total industry average of $91 million. We're growing our core accounts and extending our Consumer deposit leadership by delivering exceptional client experiences, and we continue to innovate in payments for our Consumer clients who entrust us with their core operating account. Page 18. Our leadership and innovation in payments is critical to account growth and retention. Bottom line, we have to make sure our clients can make seamless transactions. Page 19. In order to maintain and continue to drive that relationship primacy, we have to be the best at payments. We've been innovating with Zelle pays, Bill pay. And Erica, all aimed at making payments easier and more seamless.
As a result, today, 96% of our payments are in Digital, with 83% of the dollar volume in Digital. That is up from 87% and 61% just 10 years ago. As we look forward, though, there is more work to be done to stay at the top of our game with features and capabilities, Digital Wallet Integration, and driving adoption with our clients. You will hear more in-depth updates later today from Mark Monaco about specific strategies for continued investment and innovation on our Scaled Payments platform. Now let's pivot to relationship deepening off the core account into lending and investments, starting with investments. Page 20. Providing our clients with scaled investment and retirement capabilities is a key part of our strategy and one of our biggest opportunities as we look ahead. Page 21.
Bank of America has the full continuum of investment capabilities for clients, from mass market to the ultra-high net worth. Across all of these segments, we cover 4.7 million clients and have 7% market share. I'll focus on the left-hand side of the continuum to show how the consumer investments platform is positioned to grow with our Retail and Preferred clients, while Lindsay, Katy, and Eric will cover the continuum for the high net worth and the ultra-high net worth segments. Page 22. We have the leading bank-owned self-directed consumer investments platform, a critical capability to solidify our relationship with our clients as they begin their investing journey. The platform has grown from $64 billion in 2010 to $580 billion today, with 4.1 million investment accounts.
We have a full offering of self-directed, guided, and advisor-supported solutions with more than 2,000 financial solutions advisors in our local financial centers, along with 1,000 centralized advisors working with our clients every day. While we've seen growth on this platform, there remains tremendous opportunity for us to grow the business, with an estimated $17 trillion in assets held in the mass market and the mass affluence segments. We also have great connectivity between the consumer investments business and our Wealth Management partners, with 90,000 annual introductions of clients between Global Wealth and Consumer as client investment needs shift. You'll hear more from Dean later today about how this connectivity comes to life in our local 97 markets. Page 23. Our goal is to reach $1 trillion on the consumer investments platform in the medium- term.
The plan targets acquisition of brand new clients and expanding our business with existing clients to capture a portion of that $17 trillion of opportunity in the Mass Market and Mass Affluence segments. We have scaled acquisition programs where investments is a critical solution, and I'll share more about that in a few minutes. We'll also continue our investments to enhance digital capabilities on the platform and support our financial solutions advisors with AI to make them more effective and productive in driving growth. Let's move on to talk about lending. Page 24. We have a full set of lending capabilities across card, vehicle, and home, including mortgage and home equity. Page 25.
I'll first hit on Home and Auto, where we have strong lending capabilities that are positioned to be resilient through the economic cycles, as you can see through the high average portfolio FICOs and low charge-off rates. We've grown both residential mortgage and vehicle by 12% since 2019. Also, during the same time period, we've had a number one market share in home equity. While home equity contracted and consumers paid down during the pandemic, we've seen a turn on this performance now with six consecutive quarters of growth since the second quarter of 2024. We'll be ready to grow mortgage when the market returns. All of these lending capabilities have growth opportunity ahead that we will capture with medium-term targets of growing the portfolio to $225 billion. That's a 15% increase from where we landed the third quarter of this year.
Our continued investments to drive growth in these capabilities focus on end-to-end digital solutions, innovating on the capabilities based on consumer behavior and demands, and leveraging our insights to target clients and prospects. To grow vehicle lending, we also have strategic partnerships in the Auto market. The next opportunity for us in lending to grow is our credit card portfolio. Page 26. Our consumer card portfolio is $101 billion with 39 million cards. We have high levels of retention in this portfolio and a strong credit profile with a 346 basis point charge-off rate at the end of the third quarter. Our core card offering across the Consumer portfolio has a full complement of cards with cashback, travel, premium, and strategic co-brand cards. You see the CAGR balance growth rates in each one of these categories in our core offering is healthy at 6% + since 2019.
We've grown the card portfolio balances as well as spend on the cards with our clients. Page 27. As you look across recent performance, excluding COVID-19 and the disruptions there, along with the divestiture we had of some non-strategic affinity relationships, we've grown the portfolio up to $101 billion. That's up 19% since 2022, which translates to about a 5% CAGR. Our cards are deeply embedded in our existing client base. Among our clients in our risk profile, we have a 71% penetration. Across our clients in our rewards program, we have a 48% spend wallet share. Despite this position, we see very clear opportunities to expand and grow. Increasing new and existing clients with our cards, growing balances, and overall capturing more share. Our goals are ambitious but achievable with the right investments in place.
That is the focus of our current and future growth investments in this space. We are targeting an 80% penetration of our existing clients in our risk profile and about a 5% CAGR loan growth. To reach these targets, we are actively investing in a few key areas. Strengthening our relationships with our strategic co-brand partners, investing in digital and product innovation, and expanding our marketing efforts to drive awareness and engagement. Page 28. We have a strategic co-brand portfolio with signature partners, Alaska Air Group, Royal Caribbean, and Norwegian. We are collaborating with them to grow the portfolio through enhanced benefits to align with the evolving travel preferences of our clients. In August, we launched Alaska Air Group's new premium product, the new Atmos card. Early performance here is outpacing our expectations, signaling strong market demand and validating our premium positioning. Digital innovation remains a top priority in the card space.
We're accelerating investments to enhance payment flexibility and streamline the digital experience. A major enhancement on the horizon for us is the custom pay plan, which comes later this year, enabling post-purchase installment options, a feature designed to attract and to retain clients, especially Gen Z. We're also continuing to invest in our data to drive smarter underwriting and precision targeting, ensuring we're acquiring high-value clients and optimizing lifetime value. Our market posture in card is competitive and dynamic. We're continuously tuning offers to drive new account growth and deepen engagement. In the second quarter, we launched an acquisition offer on our customized and unlimited cards, resulting in a meaningful lift in new client acquisition. Tomorrow, we activate more rewards day, increasing rewards for existing clients and reinforcing our commitment to deliver value.
Under the leadership of David Tyrie, we're scaling marketing investments across the portfolio with high-impact partnerships, including FIFA, U.S. Soccer, the Masters, the Boston Marathon, and the Chicago Marathon. You'll hear more about that this afternoon. These are all designed to elevate brand visibility and drive conversion. In addition to our card offerings and competitive benefits, we drive incremental relationship value for our core operating account clients, where we pair our card offering with our rewards program. This provides significant value to our best clients. Page 29. Our unique rewards program is the wrapper around the entire relationship we have with our clients. Page 30. The rewards platform is a strategic differentiator designed to deepen client relationships and is built on members having a core operating account and a minimum level of assets with us.
The structure reinforces our strategy to own the core operating account, driving high levels of primacy and enabling expansion into lending and investment solutions. The platform extends across the enterprise continuum. Our clients in Small Business and Wealth Management also enjoy the benefits of our rewards platform, creating a unified experience and deeper engagement across the segments. Across the platform, we have 11.3 million members, $2 trillion in assets, 99% retention, and 94% primacy. These metrics reflect the strength and the stickiness of this program. It also delivers measurable business impact, with 30% of our clients deepening with us within 30 days of becoming a member. Three times more card spend, 2x more solutions, and 3x more investment assets. Beyond revenue, it creates meaningful value for our clients, strengthening our relationships with our most engaged clients.
As shown in the lower left, our cards paired with rewards outpace the next major competitor. The ultimate goal of this program is to build affinity and deepen loyalty with Bank of America and is a core part of our next chapter of growth. We launched the initial rewards program in 2014, and we're looking forward to launching the next gen early in 2026. The evolution will expand our reach, drive higher levels of loyalty, and unlock new revenue opportunities across a broader client base. Page 31. In addition to the product-specific growth plans that we just reviewed for deposits, lending, and investments, we have four additional strategic levers to grow this business. Page 32. We're continuing to make targeted investments in the core strategic drivers that deliver long-term value across the business.
These include expanding into high-potential markets, scaling new client acquisition through our enterprise-wide partnerships, and accelerating our technology and AI capabilities to unlock greater efficiency and drive sustainable growth. These investments are designed to strengthen our competitive position and deliver meaningful returns for our shareholders. Let's first hit on how we'll expand into additional high-potential markets. Page 33. Since 2014, we've entered 18 new markets. We've opened 170 new financial centers in those markets. This expansion has unlocked access to 10.5 million new households and over $2 trillion in deposits. In these markets alone, we've grown our deposit balances by $18 billion. As we look forward, our expansion plans between now and 2027 include six additional markets across four states: Alabama, Wisconsin, Louisiana, and Ohio. These new markets represent 2.4 million additional households, $222 billion in deposits, and will get us to cover 85% of the U.S. population. As I mentioned earlier, we have a proven track record in our mature expansion markets with $133 million in average deposits per FC, 46% higher than the total industry average. We have refined our playbook for entering these new markets, all starting 18 months before the physical location is present. It is repeatable. We hire local teams, we build digital awareness, and we partner across the enterprise with Business Banking, global commercial banking, and our partners in wealth to maximize our early impact. Whether it is existing or new markets, our ability to acquire clients at scale is a powerful multiplier for growth. Page 34. We have built and scaled acquisition strategies that target critical life milestones, the moments when consumers are most likely to begin a banking relationship.
Those strategies are designed to meet clients where they are, whether they're opening their first accounts under the guidance of their parents with their family banking solution, starting college, managing finances independently for the first time, or they're beginning a career or starting a new job, often accompanied by new financial needs. The opportunities in each one of these segments are significant, with a population of over 100 million people in the under-25 category and over 35 million high earners in the U.S. These groups represent the future of our client base and are essential to our long-term growth. The first of these scaled strategies I'll hit on is family banking. Page 35. Our family banking solution was launched in late 2023. It's 100% digital and aimed at capturing the first banking relationship of the next generation of clients.
It's tailored for the children of our 10 million Bank of America clients who are parents, creating a natural and trusted entry point. This is a simple, no-overdraft solution with the use of a debit card, which kids love, and parental controls and alerts, which parents love. What makes it unique is the seamless transition to an independent Bank of America account when the child is ready, keeping them in our ecosystem. In just one year, we've opened more than 120,000 accounts, and the momentum is just building. Our medium-term goal is to reach a million accounts, positioning family banking as a foundational growth engine. It not only captures our future clients, but it also deepens engagement with their parents. We expect family banking to drive higher levels of loyalty, support new client acquisition, and the early results are already consistent with those expectations.
As you move up the curve on critical life milestones, we have a targeted approach to student banking, leveraging our financial centers located in close proximity to colleges and universities. Today, 4 million students in the U.S. are located within a half-mile of our FC network, giving us a powerful proximity advantage. We've activated programs at 340 colleges and universities across the country to capture these clients early. Our teams are fully prepared for student rush and have had over 20,000 events to support client acquisition. These activities bring in over a million students and young adults every year, creating a steady annuity stream of new clients into our business. Once we acquire these clients, we're well-positioned to grow their relationship as their needs expand, from everyday banking to lending to investing and beyond.
The next major milestone is entering the workforce, where we have a unique acquisition program that leverages our enterprise-wide partnerships with the investment bank, global commercial banking, and Business Banking. Page 37. We partner with bankers to provide value for their commercial clients and employees. Today, we work with 834 companies with access to their 6.6 million employees. We help these companies enhance their overall benefits program by offering their employees premium financial services and exclusive access to our rewards program. For the employees, alongside those benefits, we're creating a compelling reason for them to start or deepen their relationship with Bank of America. 85% of these employees are new acquisition prospects for us. For the 15% who are already clients, access to the rewards program serves as a strong incentive for them to expand their relationship with us.
Through the program, we've generated over a million new accounts and $55 billion in deposits. Overall, there is significant opportunity to continue to drive growth with our workplace benefits and employee banking and investment programs. Let's pivot to talk through our proven track record of transformation with technology and AI. Page 38. As you look at our transformation over time, we've been at this a while, leveraging technology and AI to drive efficiencies and reinvesting that to continue innovating and raising the bar on client experiences for our clients. You'll hear more from the enterprise platforms panel this afternoon, but I'll hit on the three core areas where we've leveraged technology and AI across the Consumer Business. First, with Erica, our virtual financial assistant and a trusted gateway for our clients.
We've been at the game with Erica for seven years, now with 20 million regular users and 2 million interactions with Erica a day. Just to give you a sense of the impact here, those 2 million daily interactions are the equivalent of the work of about 11,000 people. As AI and technology evolves, so does Erica. Our goal is to have 80% of our clients actively engaging with Erica. Second is with our teams. We launched Erica Assist, a virtual assistant that sits on our team's desktop. Erica Assist personalizes recommendations based on the data we have on our clients. This enables our teams to further solidify our client relationships, and it drives efficiency. We've seen a 60% reduction in service call volume as a result of these efforts: Erica, Erica Assist, along with all of the capabilities available in our mobile app.
The third category is how we leverage AI on our behind-the-scenes processes to boost efficiency, reduce fraud, and deliver better experiences for our clients. We use AI today in this category and will continue to apply it as the technology advances. One proof point on how AI in this category has driven efficiency is the impact we've seen on our fraud loss rate, which has been cut in half as a result of the AI models that we use to prevent and detect fraud for our clients. We've been at this game for a long time, and we expect to have AI have a positive impact on the business as we advance forward. Page 39. Investment in these same three core areas is how we'll continue to deliver growth and efficiency.
Critical to the next leg of the transformation effort will be next-gen Erica and Erica Assist, both aimed at driving next-level satisfaction, efficiency, and business growth. We have an Erica demo here today. I hope you'll swing by, showing some examples of how we're extending Erica's reach along with Erica Assist, with a focus on driving future business growth. You'll hear more details about how we're using technology at scale from the panel this afternoon, but safe to say that the advancement of AI and technology will continue to make our capabilities better, driving both additional growth and efficiency for the business. Now let's recap what all of this means for our shareholders. Page 40. Our goals are simple. We'll continue to grow our stable deposit base through the acquisition of new clients. We'll grow our leadership position across the industry.
We'll grow lending and investment solutions, and we'll continue to invest in the business, innovating with technology and AI to deliver great client experiences in order to accelerate our growth. We see a business in the medium- term with 75 million clients. That's up from $69 million today. $20 billion in net income. That's up from $11 billion in 2024. A 40% efficiency ratio. That's down from 50% today. And a 40% return on capital. That's up from 27% today. Thank you. I'll now turn it over to Lindsay Hans.
Thanks. Good morning. I'm Lindsay Hans, and for the past two and a half years, I have served in the role as President and Co-Head of our Merrill Wealth Management business. This morning, I'm going to talk to you about our GWIN business.
Following my comments, Eric Schimpf and Katy Knox will come up and give more detail on both Merrill and the Private Bank, but we're, as a team, excited to be with you all and talk to you about this great business. There are four key topics that I'm going to walk you through. The first one is an overview of our GWIN business. The second is the clients that we serve on the wealth continuum. Third, I'll talk about our three important core competitive advantages and how we plan to accelerate growth across all three. Finally, I'll wrap with our key financial targets. Starting on page three, you'll see on the screen our core foundational beliefs. What you see on this page drives everything that we do, and you'll hear these things weave throughout our comments this morning. As we move to page four.
An overview of our GWIN business, you can see that we serve 2 million clients, $4.6 trillion in client balances, of that $2 trillion in fee-based. That makes us the second largest traditional Wealth Manager in this country. You can see over 15,000 wealth advisors that we'll speak about more. Finally, last year, this business produced $23 billion in revenue. As we move to the next page on a couple of our key financials, on a year-over-year basis, we've had double-digit growth in our client balances, revenue growth of 8%. A pre-tax profit margin of 25%. That makes this business very profitable versus peers with a comparable business mix as GWIN. Finally, return on allocated capital is strong at 23%.
We come into this conversation with strength in these numbers and our financials, and we know that we can accelerate from here, and we'll talk to you about how. As we move to the next page, we can talk about our clients that we serve. This market of U.S. investable assets today stands at $67 trillion. You can see we serve across the three core Wealth Management businesses at our Company, consumer investments that Holly spoke about, Merrill and the Private Bank. We serve clients fully on the continuum from the time they start accumulating wealth to the time that they're prepared to transfer, our most sophisticated ultra-high net worth families. $67 trillion is the size of the market today. That is more than double the size of the market just 10 years ago. The growth has been staggering. A couple of key drivers of that growth.
The first is market appreciation over that period. Also significant levels of wealth transfer. Also wealth creation. On the wealth transfer point alone, if you look at the estimates in the industry for the trillions of wealth that is going to transfer between generations, those numbers alone exceed the size of the total market today. As you zone in across the market in this country and you look at the growth in the client segments, you can see all client segments are growing. The fastest growing segment is the ultra-high net worth segment, which has grown at 16%. It was recently reported that a third of the world's billionaires reside in the U.S., controlling 43% of the global billionaire wealth. Additionally, a third of the world's millionaires live in this country, which is a rate of 3x the next country. Just think about the need for advice.
Brian spoke earlier about the complex macro world that we're all living in. Just think in particular for these high net worth and ultra-high net worth clients, their need for trusted and quality advice. As we zone in on Bank of America's Wealth Management businesses and the share that we hold today. All in, you can see 7%. This is a highly fragmented market in this country. Then specifically on the client segment, since I just spoke about the ultra-high net worth side, you can see that we hold here 14% of that ultra-high net worth client segment. We are a dominant player in that space, and that is important.
We will talk about how we're going to take further share across all of these segments, but the punchline here and everything that this visual shows you and what I've shared with you is it's a good time to be in Wealth Management. Now I want to transition to our three core competitive advantages. They are the following. Number one is our talent, specifically our advisors. Secondly, it is our GWIN solution set for clients to solve clients' needs. And third, it's our sources of new clients. Let's walk through each, starting on the next slide with our talent. The middle of this visual shows you our advisor force. This is the foundation of our model. In GWIN, we have over 15,000 advisors. It is important to note they're spread across the country. They're sitting side by side with clients who hold this wealth and prospects.
They're also sitting side by side with the eight lines of business, with the client-facing individuals that Brian spoke about, and Nadine will talk to you about later today. We have all of our client-facing folks across the country sitting together to deliver this platform to clients. You can see also on the page, with the advisors, whether it's on their teams or around them in the form of product specialists, we invest in thousands of client-facing professionals to help our advisors deliver this platform to clients. Our opportunity here is to be able to grow more, add more advisors to this platform, and you'll hear that spread throughout as we talk about it. What this is about and what the hallmark of our model is one of institutional power with a personal and local approach. That is the winning hand in the marketplace today.
Let's move to our next competitive advantage, which is our GWIN client solution set. As we go there next, okay, what you're looking at here is Wealth Management. To be a leader in Wealth Management, you've got to have the talent, and you've got to have the capability set. You can see three main dimensions of Wealth Management, the way we define the capability set. It's investment management, it's wealth structuring, and it's credit and banking. We don't have time this morning for me to walk you through all aspects of that, but Eric and Katy are going to talk to you about different components of our growth playbook and how we will get this in the hands of more clients. One brief example would be the investment management side. We believe and live by an open architecture model for clients.
It puts our advisors on the same side of the table with clients to look across that suite of offerings that you're seeing on the page and deliver the best for them in a personalized and localized way. On the investment management side, that means things like over 500 institutional money managers that are heavily due diligence by our team, that our advisors can choose from once they set the asset allocation with the client. Alongside of that, through our CIO team, we manage hundreds of portfolios created and managed by the CIO team that are really delivering great outcomes for clients. Why does this matter? There are three main reasons. One's about our clients. Client deepening, client acquisition, client retention. That trusted model that I spoke about in terms of the advisors and what they do with clients, that's paramount, but that's not enough.
At some point, as clients' needs become more complex and they grow, not only do they want that trusted relationship that the advisors deliver, but they also want what you see on the page. They look in the marketplace because they need all of these solutions. That's where we come in. I was just with an advisor in Tampa last week, and he talked about, without me bringing up what I was planning to talk about with you today, he brought up to me unsolicited at breakfast, "When I'm competing in the marketplace and going after money in motion, Lindsay, I deliver the firm. I lead with wealth structuring. I talk about access to our balance sheet.
I talk about how I can take care of clients' day-to-day cash through our banking, and then I talk about the investment management. He happens to be one of our largest and fastest-growing advisors, and he wins in the marketplace every time. Therefore, the other reason this model is important is because of advisor retention and advisor recruitment. You all know advisor-driven flows are a core part of our organic growth and a core part of how we will accelerate our organic growth. This all ties together. The third reason this is valuable is efficiency. We've taken years to build what you're looking at on the page. It is not a siloed set of offerings. It's integrated. It's knitted together. It's seamlessly delivered to clients, specialists around it.
As you'll hear from us today on how we're going to make step-change growth in our net new assets and new clients coming in, we've got this platform built, which allows us to drop more of that to the bottom line. We can grow efficiently. Okay. Client adoption is strong, but again, you'll hear from Eric and Katy across components of this of how we will get this in the hands of more clients. Our third competitive advantage, as we move to the next page, is our sources of new clients. Let me walk you through top to bottom on this page. You see a direct and digital Wealth Management platform and consumer investments that Holly spoke about, along with the consumer banking platform that is scaled. You see our workplace businesses, 401(k), equity plan, and employee banking and investing.
At the bottom, you see the full range of businesses that we serve, from Small Business, and you'll hear about this later today, but Small Business all the way to the largest, most complex global corporations. All in, that represents a set of 69 million individuals and over 45,000 companies. For a large subset of them, they've established their relationship with Bank of America through a door other than GWIN. For a subset of them, their needs will evolve. Their needs will evolve into looking for a fully advised Wealth Management relationship. Said differently, "They are in our house today, and it is our responsibility and commitment to them to move them through the rooms of the house." There are a lot of them.
You will hear from Eric when we estimate the ones that we would define as high net worth and ultra-high net worth. You're talking about 11.5 million individuals, and today, roughly 1.5 million are Wealth Management clients. The opportunity is enormous, and we're squarely focused on the execution. Thankfully, we are not starting from scratch. Thanks to the work of the local markets organization that Dean will speak about with you later today, roughly 20% of the new relationships that we bring into GWIN come from one of these sources. The final and perhaps most important point on the page, as you move your eyes from left to right on the page, you will see that it is not about one of these sources of new clients. The power comes with having all of them.
Left to right on the page, there is no other firm that can credibly say that they have them all. This is meaningful in our growth plans. Okay, let me bring it together for our key financial targets on the next slide, please. We will grow our revenue at a rate 2x that of our expenses. That will generate positive operating leverage. And a margin that is north of 30%. We will also grow our return on allocated capital from 23% to 30%. Through all of that, we will continue to make strategic investments in this business, in particular in the areas that I spoke about and what you will hear from Katy and from Eric. To close out. Our key competitive advantages in GWIN are our advisors, that talent base. It is our platform to serve clients from a solution standpoint and how it is knitted together.
Third, it is our sources of new clients, and we will accelerate growth across all three. With that, please join me in welcoming Eric Schimpf to the stage.
Good morning. Thank you, Lindsay. My name is Eric Schimpf, and for the last two and a half years, I've served as the President and Co-Head of Merrill Wealth Management. I'll start my remarks on page 12. In a financial advisor-led Wealth Management business, two things determine your outcome. One, the depth and breadth of your capabilities, and two, the talent of your financial advisors. As you just heard from Lindsay, we have both. When you have both, strong results follow, and scale will ultimately drive the size of those results. At Merrill Lynch, we generate a strong return on capital, and our business is very profitable compared to our peers. We generate over $19 billion in revenue.
Are responsible for almost $4 trillion of client assets. Our advisors are among the most tenured, decorated, and recognized in the industry. We deliver this across the United States in 546 different locations. Even with these strong results, we know we can do better, in particular in terms of asset growth and net income growth. Today, I'd like to do two things with you. Explain how Lindsay and I have built on the long history of Merrill Lynch to make some key strategic decisions, and secondly, our growth playbook. Let me start on page 13 with some of our key strategic decisions.
As we have built and strengthened the wealth continuum at Bank of America, we at Merrill have been able to clearly center our client acquisition efforts on what we think is our sweet spot: the high net worth and the ultra-high net worth space, the two fastest-growing segments of U.S. wealth. Secondly, investing in our advisor force has allowed us to grow our number of advisors facing off against that $67 trillion investable opportunity here in our country. To do this, we've invested in technology, retention, coaching across all cohorts, from our trainees to our most highly experienced advisors. Thirdly, we've continued to strengthen and invest in our core platforms, many of which were firsts in the Wealth Management industry: Merrill Lynch One, alternative investments, our strong banking and lending capabilities, and our strong digital and mobile applications, just to name a few.
Turning to page 14, I'll now walk you through our plans for building on this foundation to accelerate our growth, what Lindsay and I call our growth playbook. We have set three medium-term targets around what we think are critical for outsized performance. First, as one of the top Wealth Managers in the country, we have the scale, and we have the infrastructure to be outpacing the industry in terms of growth. We think we can reach a rate of 4-5% organic growth annually in the medium term, not through market appreciation, but through true net new assets. This is what it means to take share. Secondly, deliver net new fee-based assets between $135 billion and $150 billion annually, while controlling natural fee compression. Leading us to expand that recurring revenue base that fuels our business.
Lastly, we're targeting an additional 4-6 percentage points in terms of our pre-tax margin. This uplift will be driven primarily by one of our core competitive advantages: our ability to deliver full banking and lending capabilities and solutions to our clients. In doing so, we will continue to grow net interest income, our most profitable revenue stream. Now, let me walk you through each of these in detail, starting on page 15 with scaling of organic growth. Over the last few years, we've generally been operating in line with the industry when it comes to net new asset growth, and we think we can do better. The key to growth for us comes down to three things: winning more clients and winning them faster through our unmatched lead generation sources at the enterprise. Two, continuing our strategy to grow all assets of our financial advisor force.
Three, the continuation of investing in technology to deliver for our clients and help increase our financial advisors' and support teammates' productivity. Let me shift to page 16 to discuss the continuation of the work around integration of enterprise clients to the Wealth Management business. You heard earlier from Lindsay; we have an opportunity to execute on a strategy that's been in place for over 15 years: the integration of existing enterprise clients to Wealth Management. We think we can accelerate that even further. Just to give you some context, today at Merrill Lynch, we generate over 20,000 net new households a year, and 75% of them start with at least $500,000. By way of highlighting just three examples of enterprise sources, we believe we have an estimated 11 million enterprise clients who could and should be Merrill clients. Today, we only serve 1.5 million of them.
We estimate those clients, again, who are not part of Wealth Management today, have at least $10 trillion of investable assets off us. Just capturing 1% of that opportunity would be $100 billion in client flows. That alone is 2% growth towards our target of 4-5%. To accelerate that growth, we're doubling down on our line of business partnerships, the rigor, and our approach. This is something that is already built. It is our job to execute. To do so, we'll continue to use data to identify opportunities, benefit from all of the marketing that all of our partners do. We've embedded service-level agreements. We've embedded technology to document all touch points as our clients progress through all channels of Bank of America, leading to more opportunities, greater integration, and faster and stronger conversion rates. Now shifting to page 17, talk about growing our advisor force.
Growing our advisor force is key to providing more advice to more Americans and taking a greater share of that $67 trillion opportunity. Our advisors already serve a larger percentage of their primary clients' asset base, and our client satisfaction has never been higher. We think you grow an advisor force three ways. The largest, and at scale, is training new financial advisors. Secondly, you keep the ones you have. Third, select competitive hiring in markets you already operate in. Investing in our experienced advisors over the last few years through training, technology, benefits, a strong focus on succession planning has led to all-time historic lows in FA attrition rates.
Eighteen months ago, we made a decision to restart competitive hiring, which has already led to a meaningful amount of new clients and new assets, which will only accelerate when all of our field leaders and all of our markets bring in new experienced advisors. Lastly, at Merrill Lynch, we have a strong history of developing the next generation of financial advisors. This is an investment in growth, and it is something that we do at scale. There are currently over 2,400 trainees in our training program who are operating in line with our strategy. They use Merrill Lynch One. They use our lending capabilities when clients have the need. They deliver banking. They wrap it in our strong digital and mobile solutions. Today, 30% of our net new households are coming from this population.
Page 18 presents our third step in increasing organic growth in terms of taking share. The other piece, and probably the most important, is delivering more productivity to our advisors. There is no greater lever that we have to boost that productivity today than the use of technology. Adding to the competitive advantage that we have investing in our own technology portfolio is our ability to sit and ride side by side with the scale of Bank of America's technology investments that are made year-end and year-out. Going forward, we will continue to increase our investments in terms of advisor productivity, support staff productivity, giving our teammates thus more time to serve more clients. Slide 18 shows you how we're thinking about artificial intelligence to increase that productivity. Artificial intelligence, as one example, will allow us to speed up pre-meeting preparation.
Just recently, we put on every advisor and teammate's desktop artificial intelligence that has the ability to review client statements, financial planning documentation, market performance, results, notes to prepare a comprehensive client review in a matter of minutes. Something up until a few weeks ago was taking individual teammates hours and hours to complete, again, giving all of our teammates time back to invest in more clients. I hope you take the time to see this and some of our other innovations in all the technology demos that are going on around today. This rounds out our organic growth plans and now shifting to page 19, the second pillar of our growth playbook, the expansion of our investment platform. Currently, the foundation of our business is the $4 trillion of investable assets.
The strength of that foundation is the $1.7 trillion that sits inside of Merrill Lynch One, generating a recurring annual revenue stream. We believe we can grow that revenue by an additional $1 billion a year by adding anywhere from $135 billion-$150 billion net fee-based assets, which will come from, yes, new clients and garnering a larger wallet share from our current clients, but also from the shift of assets from our brokerage platform into Merrill Lynch One. Merrill already has a strong history of growing AUM and a track record of making that shift from brokerage to our fee-based platform, with a compounded annual growth rate north of 7% since 2013. Even with that growth, we still have $2 trillion of opportunity on our brokerage side of our business. Key to capturing this opportunity is to continue to expand the value at our platform.
Today, more than half of our new fee-based assets go to internally managed portfolios. Going forward, we will continue to invest in those model portfolios across all asset classes, across all risk tolerances. We have expanded our infield specialist support, people who support our advisors every step of the way, and will continue to invest on behalf of our clients to transition into this platform and to make it easier for them to optimize that transition in a tax-efficient manner and for very specific scenarios, thinking the concentrated stock portfolio transition. On page 20, I would like to share our growth and investments in our alternatives platform. Alternatives are an asset class that provides strong benefits for our clients and allows us to deepen the relationships we have with them. We have strong momentum in alternative investing today.
We have already over $90 billion of client assets and over 350 solutions, and a continued FA adoption. Just this year, in the third quarter, we announced a year-over-year increase of 12% in financial advisor adoption, advisors using alternative investments for the very first time. We believe once they use it once, they will continue to use it. We are closing in on 7,000 regular users of our alts platform, and we will continue to drive this and lead this through the training and education of our financial advisors. $90 billion is about 3% of our asset base, and we believe future state is more like 10%. Three things we need to grow in the alternative space: offer more high net, ultra-high net worth solutions. You may have seen our recent announcement around our expanded alts offering for exclusively with clients north of $50 million.
This is already live today. Second, we will continue to invest in the sales process and make it easier for clients to enroll, for our financial advisors to deliver. This year alone, 70% of our advisors have received in-person training on our alts platform. Lastly, building it ourselves and alongside some of our partners, offering more solutions to the high net worth population, bringing alts to everyone who clearly fits our space in the wealth continuum. Now shifting to page 21, the third pillar of our growth plan is increasing our net interest income revenue stream through the increased usage of our lending and banking capabilities. We are already working off a very strong foundation. We already deliver a larger share of NII as a percentage of our revenue compared to our peers. Growth in our loan book and rising client adoption of our banking solutions is well underway.
Today, 65% of our financial advisors have at least half of their clients using our Bank of America banking capabilities, proof of growing and continued adoption. Again, this is a story of execution, not something that needs to be built. We're already doing this, and we know we can accelerate the results. Turning to page 22, lending and banking go hand in hand with holistic Wealth Management. This is a win for our clients. It's the most profitable type of revenue, as 70-80% of that incremental revenue in this space drops to our bottom line. Based on growing balances with new and existing clients, we believe we can contribute an additional 3-4 percentage points to our pre-tax margin. Let me cover the ways we'll do this, starting with lending.
We offer our clients three types of lending solutions: custom credit, securities-based lending, and a suite of home mortgage offerings. One opportunity just won in the custom credit space is today we have 54,000 clients with at least $10 million with us. Only 2% of them use our custom credit solution set. We think we can grow that to at least 8%. To do that, we've invested in the space. We've invested in the training. We've created the Merrill Lynch Lending Solutions Group, which gives our financial advisors access to advice, guidance, sales support, along with our already existing infield specialist teams. We also have an opportunity to grow our deposit base. Our clients have two types of deposits: one, their daily core banking deposits, and two, their investment cash. We already benefit from leveraging the Bank of America banking chassis.
Over the last two years, we have invested in the Merrill Lynch Banking Solutions Group. We have aligned financial advisor incentives and grew our infield support. We have already deployed technology to our support teams to serve Wealth Management clients around their banking needs the way Wealth Management clients want their banking needs served. Today, 52% of our Merrill clients use our Bank of America banking solutions. We think we can easily lead that to 70%. Secondly, with regards to investment cash, our clients today have over $215 billion in off-balance sheet cash-like alternatives, like third-party money market funds and treasuries. In 2025, we took the time and the investment dollars to launch on-balance sheet solutions with competitive rates that match our clients' liquidity needs, the last which was just announced and will go live and be implemented in December of this year.
Moving to page 23, I just spent the last few minutes explaining three meaningful categories of our growth playbook. Here you see them all together, how it will lead us to 4-5% organic growth. Just one of the examples I shared with you, scaling client acquisition through partnering with the enterprise, has the potential to deliver more than $100 billion halfway to that goal. Continuing to grow our financial advisor force will be a meaningful driver that is already producing growth today. Thirdly, the opportunity to deepen relationships with our existing clients through our fee-based platform, our lending capabilities, our banking capabilities, our alternative investment capabilities, our levers that just round out our organic growth potential. Turning to page 24 and in closing, I'd like to reiterate our growth priorities in the medium term.
As I mentioned, the foundation for much of this work has already been built, and momentum is in our favor. As we look to generate step-changing growth, we have the confidence in the talent of our advisors, our strong field leadership teams, and the power of our platform. I just covered the 4-5% organic growth target. We will continue scaling our investment platform to expand our recurring revenue base, and margin expansion will be realized through higher net interest income driven by client adoption of lending and banking solutions. We have proven that we can deliver positive operating leverage by keeping expenses growing in line with revenue growth while keeping other expenses relatively flat, and still have plenty left over to invest in our platform, our technology, and most importantly, our people.
It's my pleasure to now turn it over to Katy Knox to discuss the Private Bank.
All right. Good morning. Thank you, Eric. And good morning. I'm Katy Knox, and I lead the Private Bank. I'm excited to share our vision with all of you this morning. Today, we operate as one of the largest Private Banks in the country, managing $745 billion in client balances, which includes $95 billion in loans and $65 billion in deposits. We are uniquely positioned in the industry with our very strong, deep client base and our exceptional talent. We provide comprehensive solutions at scale across 75 local markets, 75 of the 97 that Holly mentioned earlier. Our offering is further enhanced by our ability to reach across the enterprise and deliver this entire company to our clients.
As you heard from Lindsay and Eric, we have unique strengths: deep industry expertise, breadth of solutions, and exceptional connectivity across our company. Moving to slide three. I'll review how we'll leverage these strengths to drive growth across Wealth Management. First, talent. We're developing and attracting the best talent in the industry. Second, our products and solutions, delivering personalized solutions to our clients at the exact right time. Third, our partnerships, leveraging our strong enterprise relationships to drive growth at scale. Fourth, our leading technology, data, and AI tools, building on the strong foundation to drive productivity, efficiency, and an exceptional client experience. We continually invest in four areas: our people, platforms, partnerships, and technology. That solidifies our leadership position. Now, let me turn to slide four to share our progress and some of the opportunities ahead. Let me first start with our talent.
We are developing the best-in-class talent. It's the foundation of our strategy, our people. We've made significant investments in our talent to support them at every stage of their career. First, we built an early career program. We have over 300 participants from our analyst group. We are building an incredible pipeline to serve the next generation of our clients. Second, we focused on career development. We created a clear career path for every single position across the Private Bank. Third, we're expanding our hiring in key strategic markets to capitalize on growing wealth opportunities. We hired over 140 client-facing associates, including 55 advisors. These new teammates are driving over $1 billion of new balances quarterly. We're continuing to build a strong, high-performing team. Representing every generation, ready to serve our clients today and in the future.
Turning to slide five, this map illustrates our presence and expansion across key strategic markets. You can see our strong national footprint covers 90% of the wealth opportunity in the U.S. We are strategically aligning our resources to capitalize on that opportunity. Currently, 60% of our new hires and 50% of our advisors are in these markets. We've been investing heavily to increase our advisor base, elevate our line of business partnerships, and just driving momentum across each of those local markets. You'll hear a lot more from Dean this afternoon on our competitive advantage in those local markets, but it is a huge growth engine for us across wealth. We're very well positioned in the Private Bank. We have 70% of our year-to-date revenue growth coming from these markets. Underpinning this market presence is our comprehensive products and solutions.
On slide six, you'll see a full suite of our products across Wealth Management. Lindsay mentioned our competitive strengths and our distinct advantages. I'll emphasize just a few really unique solutions that are driving significant growth for us. Our investment platform brings the full power of our enterprise to each of our clients. It spans traditional equity and fixed income strategies, and as Eric mentioned, a premier suite of alternative investments. We also offer leading trust, estate, and planning capabilities. We're the top provider across all of those products. It allows us to capitalize on the wealth transfer opportunity and start planning conversations much earlier. Our banking and lending solutions are also best in class. Our lending products provide customized financing for real estate, fine art, aviation, marine, and sports franchise, just to name a few.
Our treasury management solutions are increasingly being utilized by our clients who need customized solutions for their very unique needs. Turning to slide seven, you'll see an example here that really amplifies the growth across Wealth Management. Today, we manage $83 billion in investments for endowments, foundations, and nonprofits. Our recent research illustrates that these institutions are increasingly looking to outsource that investment management. Over 70% cite the lack of internal resources and specialized expertise as reasons for that outsourcing. We hold the number one position here and see a significant opportunity for future growth, given our highly specialized industry expertise. Importantly, we engage these nonprofits, foundations, and endowments locally. These local connections build trust. Use Boston as an example. Here, there is a $90 billion opportunity. Through our partnerships and our market president, we have connectivity with 60% of those organizations.
We can replicate that in every single one of our local markets, positioning us to drive significant growth to $120 billion in AUM. Moving to slide eight, this is another example of significant growth that we see in serving family offices. They're expected to double over the next five years, and 60% will transition to the next generation. Importantly, 85% of them are tied to a family-owned business. Through our partnerships with both Business Banking and the commercial bank, we're already covering many of those businesses. Our strength lies in the enterprise-wide collaboration, delivering coordinated solutions across our company. One of these key solutions is CashPro, our treasury management platform, where our Private Bank clients seamlessly move $200 billion. You'll see a demo at lunch, and you'll also hear from Mark during the panel about CashPro.
We're continuing to really focus on this opportunity by growing our resources by 30%. Expanding our capabilities through targeted investments and activating the full power of our firm. On slide nine, you'll see another example of a key strength. Our credit and banking platforms are among the best in the industry. They are uniquely tailored to the ultra-high-net-worth clients. They offer flexibility and sophisticated capabilities that our clients need to manage their day-to-day banking and liquidity. We've seen strong balance growth here in the last five years as a result. Both loans and deposits are up 50% since 2019, and 90% of our Private Bank clients are using our banking solutions. These core capabilities drive strong, long-term relationships with our clients. Turning to slide 10. This illustrates the importance of the partnerships that you've been hearing about all morning. We have tremendous connectivity across all of our businesses.
We have been very intentional with our strategy to collaborate across all of the lines of business. We've generated over 100,000 introductions, which has resulted in $50 billion in balances. This has driven 45% of our new relationships in the Private Bank. Our consumer investment partnership resulted in $7 billion collectively in new assets just last year, and we have a 60% close rate through that partnership. Our commercial partners have also driven a tremendous amount of activity, resulting in $20 billion in client balances over the last five years. Our introductions with both GCIB and Global Markets have increased by 35%. We've made good progress here, but as you can see, we have a significant opportunity to continue to grow. Turning to slide 11. You'll see several examples of significant investments we've made in technology, data, and AI tools.
Our objective here is really to deliver an exceptional client experience and drive productivity. We've invested in an integrated, personalized, and secure digital experience. 94% of our clients are digitally engaged, which is among the most active in our company. Those clients are also using all of our capabilities. They've sent 1.2 billion Zelle payments, which is up 30%. For our teammates, we're building simplified tools, and we're integrating AI into our core processes. Our new client servicing portal consolidated over 300 activities into one single portal. 100% of our teammates now have access to these AI tools to assist with their daily work and deliver proactive advice to our clients. We're seeing a lot of improvements in productivity through easier meeting prep and follow-up, unique client insights, and better understanding of our clients and their full relationship. Turning to slide 12.
As you've heard, we are uniquely positioned to continue to drive growth, scale our capabilities, and leverage our partnerships. This translates into a trillion dollars in client balances, $5.5 billion in revenue, which is up 40%, and also reflects a 500 basis point improvement in our pre-tax margin. On behalf of my partners, Lindsay, Eric, and I are excited for the future. We have a top position in the largest Wealth Management market in the world. We have industry-leading solutions delivered at enormous scale. We're winning share through the power of the enterprise connectivity. Our talent allows us to stay nimble and positions us to serve the evolving needs of all generations of clients. Our growth is accelerating as we invest in people, capabilities, and technology to maintain our industry-leading position.
Thank you very much, and I will now invite you to take a brief break, and we will see you shortly. Thank you.
Good morning, and thank you all for joining us once again. My name is Matthew Koder, and I'm the President of Global Corporate and Investment Banking, and that's a business that I've had the privilege of leading for the last seven years. I'm here to kick off the business and institutional clients portion of today, which comprises both Global Banking and Global Markets. First, I'll quickly introduce you to the Global Banking segment, and then I'll dive a little bit deeper into Global Corporate and Investment Banking. Let's get started by flipping to page two. On this page, you can see where Global Banking fits within the broader Bank of America platform.
Global Banking is comprised of Global Corporate and Investment Banking, which I lead, Global Commercial Banking led by Wendy Stewart, and Business Banking led by Sharon Miller. On page three, you can see some of the financial highlights representing the size and strength of this segment. Global Banking is a big business: $24 billion of revenue in 2024, nearly a quarter of Bank of America's revenue. Year to date, through the third quarter, we have $17.9 billion in revenue, $5.7 billion in net income, with a return on average allocated capital of 15%. We are performing well across several key metrics: deposits growth of 15%, loan growth of 3% in what is a difficult loan growth environment, and total corporation Investment Banking fee growth of 10%, which I'll talk more about in a few minutes. A large business with a significant contribution to the firm.
Now, turning to page four, across Global Banking, there are several foundational beliefs that we bring to work every day. Our beliefs are closely aligned with those of the broader organization, but fine-tuned to reflect the unique characteristics of our business. These are really important to us from a cultural perspective. Specifically, we believe that our clients are genuinely at the center of all of the decisions that we make, and we have to place them at the center. We believe that enduring client partnerships for the long term are built on trust, the power of our people, our coverage model, strategic advice, and consistent delivery. We believe that our clients really value our ability to deliver US and global capabilities, but in a very local context, regardless of where they are in the world.
We really believe in flawless execution that will set us apart in operational excellence, and that they must remain embedded in our culture from the top to the bottom. We believe that a very innovative digital experience is not just a competitive advantage, but it's a growth enabler as well. With those in mind, let me deep dive into Global Corporate and Investment Banking, starting on page six. We have a best-in-class corporate bank, and we're a top three Investment Banking franchise globally. We offer the full range of financing, deposit, treasury products, and we're a leader across underwriting, advisory, distribution services, while offering a very top-tier comprehensive FX and risk management platform. This comprehensive product set and our global presence really do give us a unique competitive advantage.
Despite the strengths, despite the foundation that we've built over many years, we see a very good opportunity for future growth. In corporate banking, we see the opportunity to continue to deepen our relationships with existing clients. I'll walk you through that and add more clients, particularly outside the U.S., and service more of their subsidiaries all around the world. In Investment Banking, we're a top three bank, and we have been a top three bank for the last four years. We see upside to improve our position in mergers and acquisitions and equity capital markets, to really get deeper into the middle market here in the U.S., to capitalize on opportunities with new economy clients, and to deliver holistic solutions across the entire capital structure. On page seven, you can see a snapshot of the size and strength of our business.
$13.3 billion in revenue, which has grown 17% since 2019, $3.9 billion in net income. We have people in 35 markets globally and have 5,000 employees, and we cover a lot of clients: 12,000 clients overall, and of those, 2,000 are corporate banking clients to whom we lend. I mentioned we're a leading corporate bank with $358 billion in deposits and $176 billion in funded commitments. We are a leading investment bank, as I mentioned, not just top three consistently, but doing around 5,400 transactions a year. A platform of this scale and breadth is virtually impossible to replicate. Our model reflects decades of investment, deep client relationships, and global reach. If you turn to page eight, a very important part of our franchise is offering a globally integrated model across both corporate and Investment Banking.
This is where our global presence, our world-class capabilities, that unique ecosystem of complementary businesses, and our exceptional team set us apart. This allows us to offer truly holistic solutions across the full product spectrum, the companies ranging from early-stage and middle-market companies through large corporates, government entities, financial institutions, private capital providers, and financial sponsors. Turning to page nine, through the significant investment we've made in our business through three key levers of balance sheet, people, and technology, we've built this strong foundation for which we can drive future growth. That foundation and that growth really widens our competitive moat. You can see that we've added new clients. Our client count increased 66% over the last five years or so. We've increased coverage of U.S. middle market clients by 86%. We're now covering 35% more international clients within corporate banking over that same period.
We've also deepened our coverage. Our deposits are up significantly, 2x since 2019. We've digitized, and we've become more efficient in our payments business while really driving client stickiness. We've deepened our local presence, growing our emerging growth and regional coverage locations here in the U.S. by 26%. We've scaled for growth. Our headcount is up 22%. We spent the last few years building up our talent pool with a strong focus on hiring exceptional resources for our platform so we could cover more clients and serve those clients well. Given that nearly 70% of our direct costs are personnel-related, as a result of that investment, we've been fighting expense growth over the last few years. We feel like now we're at an inflection point where we're able to capitalize on all of those investments that we've made.
Not only that, at the same time, we're actually very excited about our ability to use technology and AI to scale our business. We'll not only scale our business, but also drive headcount efficiency over time. We've built the foundation. We've invested in our business. We're now uniquely positioned to capitalize on that foundation to really drive growth. Let me start by diving into the corporate bank in a bit more detail, starting with page 11. Our corporate banking business is a scaled, top-tier Global Corporate banking platform. You should think of us as having global reach, but very local delivery. We've got a very long-tenured, experienced, and globally coordinated senior relationship management team with an average tenure of nine years at the managing director level and 17 years at Bank of America. We're a full-service platform offering comprehensive solutions.
You can see in the bottom right of this slide the full range of treasury and lending products that we offer. Our Fortress balance sheet clearly helps, and we have a leading digital platform to service our clients. It is a big business. $10 billion of revenue, up 20% since 2019. We cover 78% of the Fortune 500. We have offices in 31 markets, and we cover clients in 71 different jurisdictions. Let me talk a little more about our deposit and loan balances on page 12. You can see on this page that we have had robust growth in deposit balances, up significantly, up more than $210 billion since the fourth quarter of 2015, and up 2x since 2019, as our clients have increasingly sought out our stability, our size, our strength, our capabilities.
We are expecting that growth to continue, targeting deposit growth in excess of nominal GDP. On loans, you can see that our balances have been resilient despite what has been a difficult loan growth environment. You cast your eye back a little bit. You can see that between 2015 to 2019, pre-COVID, we actually achieved strong loan growth of about 24% or a 6% CAGR. However, things clearly changed with COVID. First, we had a very significant COVID-induced spike in loans, and then there was a huge paydown, followed by a period of relatively slow to no loan growth for a number of reasons. As the business environment improves, and we expect the business environment to continue to improve, we do expect loan growth to resume in the mid-single-digit range going forward.
If you turn to page 13, you can see that we're recognized as being best in class. In corporate banking, where we're consistently recognized as the best and most innovative corporate bank in the United States, and in Global Payment Solutions, clearly a critical business for us. We're recognized for excellence in cash management, trade finance, and our digital capabilities. My colleague, Mark Monaco, will talk more about our GPS franchise later. When you step back and you think about the future, once again, we've got this great foundation upon which to drive growth. In fact, on page 14, you can see that we expect to generate annual revenue growth in the mid-single-digit range in the medium term. To achieve this growth, we've identified four important strategic priorities. Firstly, deepening and globalizing client relationships. Secondly, expanding our international client base.
Thirdly, driving our business with global clients and their US subsidiaries. Fourthly, integrating with Investment Banking to enhance market share. Let's hit each of these in some detail. Firstly, on page 15, deepening and globalizing client relationships. When we put the client at the center of everything that we do, when we really focus on listening to them, solving issues, anticipating needs, identifying opportunities, we can drive a very comprehensive, multifaceted client relationship, client by client, bottoms up. We can measure our success here by looking at, for example, what we call solutions per relationship, or SPR. You can see on the top left of this page that if we increase solutions per relationships with clients, then we're going to generate a lot more revenue.
The example here, in fact, shows that we generate 16x more revenue with clients when we sell them seven-plus solutions per relationship versus clients with only one solution per relationship. If you look at the top right-hand side, you can see the scale of the opportunity here. 17% of our client base has less than two solutions per relationship, 22% have between two and three, and a further 30% have between four and six. We're also very focused on globalizing our client relationships, and we track that in a similar way through what we call countries per relationship, or CPR. On the bottom left, you can see that if we grow from one to five countries per relationship, then we're going to triple the revenue that we earn from that client.
On the bottom right, once again, you can see the scale of the opportunity for us here because we service close to 60% of our client base in just one or two jurisdictions. Now, across both SPR and CPR, it's important to emphasize that serving clients around the world isn't easy. The regulatory, operational, and cultural complexity can be significant. It is precisely that complexity that sets us apart. Our ability to deliver consistent, high-quality solutions to clients globally is a key differentiator. The next part of our strategy is to expand our international client base. You can see on the top left-hand side of page 16 that we've expanded our US-Canadian corporate client base by 9% over the last five years. International has been a lot faster, up 36%. Once again, there's upside ahead of us.
On the top right-hand side, even though we've grown clients internationally by 36% over the last five years, we expect 40%+ growth in Europe, Middle East, and Africa over the medium term. In Asia-Pacific, 30% growth, and in LATAM, 20% growth. The third leg of the strategy is to further drive our business with global clients expanding in the U.S., so covering their subsidiaries in the U.S., which is on page 17. Here, we believe that we have an amazing opportunity. We are one of, I'm going to say, two banks around the world who've got the key ingredients that are necessary to successfully serve subsidiaries of multinational corporations doing business in the United States.
Number one, as you'll hear from Wendy and Sharon, we've got the number one banking platform here in the U.S., which provides us with the necessary depth and breadth of coverage and also the necessary product capabilities to deliver locally. Secondly, as I mentioned previously, we have a very strong global platform servicing clients in 71 different jurisdictions. There's not many banks which have that combination of strength and depth in the United States and strength and depth globally. There's three avenues of growth which we're focused on, which we believe will create an annual incremental revenue opportunity of about $800 million a year. First is just to do more, to deepen our relationships with existing subsidiary clients who we already bank in the United States, and that represents about 50% of the opportunity.
The other 50% comes from onboarding U.S. subsidiaries of existing international clients who we do not already bank here in the U.S. and onboarding subsidiaries of all those new international clients we are going to onboard over the next few years. I think it is important to emphasize here that the opportunity is significant and is amplified by the current economic and geopolitical environment, where we are seeing high relative GDP growth here in the United States and considerable foreign direct investment as a result. Turning to page 18, the fourth strategy is to further integrate with Investment Banking, and we already do this well.
Compared to our overall Investment Banking market share of 6.2% and the number three position globally, our market share in Investment Banking products for corporate banking clients is 9.3%, with a number two global rank and with significant market share pickup in each of the key products, whether they're financing or strategic. We also provide tailored market solutions to these clients, supporting their currencies, rates, and hedging, payments flows, and broader treasury needs, demonstrating the full breadth of our capabilities. While this is a good starting position, there is even greater upside as we aim to be, and we should really be, number one with our corporate banking clients. You can see the medium-term target shown on this page.
When we step back and we look at corporate banking overall, there are a number of opportunities for us to continue to grow our business, whether it's delivering more of the bank through deepening and globalizing those client relationships, whether it's adding more clients, both in the U.S. and internationally, or whether it's delivering a more integrated service across the platform. We're really excited about the opportunities ahead of us. Let me now turn to global Investment Banking on page 20. We also have a scaled top-tier Investment Banking platform with a comprehensive suite of capabilities. With senior talent, with deep industry and product expertise, and with an expanding client footprint focused on the middle market and global commercial banking clients here in the United States, as well as growing our international client base. $6.2 billion in Investment Banking fees last year.
As I mentioned, 11,000 to 12,000 clients, 5,400 transactions a year, 3,100 bankers, 25 offices here in the U.S., 60 offices globally, and clients located all around the world in 87 different jurisdictions. Similar to corporate banking, we see upside across all products, sectors, and regions. In order to grow, we can leverage the strength and depth of our existing platform, which you can see on page 21. In mergers and acquisitions, although we are ranked number four in announced volumes, the investments we have made over the past few years are starting to pay dividends. For example, we are now the top U.S. activism advisor, a position which will drive strategic business for us over time. We have already had a very active year in M&A.
In fact, we've been advisor on three of the top seven largest deals year to date, including being the exclusive sell-side advisor on the largest deal year to date. We're number one in investment-grade bond volumes and number two overall in investment-grade fees. We've been the number two bank in investment-grade M&A financing over the last 10 years, with a leading dealer in U.S. commercial paper programs and with a perennial number one in private placements here in the U.S., in fact, for 28 consecutive years. Again, we're number one in leveraged loan volumes and number two overall in terms of fees, raising more capital than any other bank since 2020. In equity capital markets, we're number four overall based on fees, but we're number three in U.S.-Canadian ECM volumes year to date.
We've been a book runner on eight of the 10 largest global ECM offerings and nine of the 10 largest global IPOs since 2023. In the rates and currencies business, we are one of the world's best banks for corporate FX payments. We transact $4 trillion of volume annually, and we're an industry leader in M&A hedging and structured transactions. Now, in addition to having this great platform on which to build, we're confident that the Investment Banking fee environment itself will continue to improve. As you can see on page 22, it's important to recognize that after surging during those exceptional pandemic-driven years of 2020 and 2021, the fee pool really did sharply correct by nearly 40% between 2021 and 2022 and a further 15% between 2022 and 2023.
It was only really towards the end of 2023 and into 2024 that we started to see activity return to a more normalized level. This year, the fee pool is tracking to be around $100 billion. Given the macro environment which we are entering into, strong growth, lower rates, moderating inflation, real resilience of the corporate sector, particularly in the United States, high levels of cash in the system, we do expect to pick up in activity and consequently the fee pool going forward, which presents a very good backdrop for a strong growth opportunity for us going forward. If you turn to page 23, you can see how strong our existing business is, but you can also see the clear opportunity for growth which we have ahead of us. Globally, we're number three overall.
I mentioned a position that we've held for the last four years with a 6.2% market share. I want to emphasize that we're proud of our number three position. I want to emphasize even more that we're not satisfied with that, and we see an opportunity ahead of us. Looking at our performance through a regional lens in the U.S. and Canada, we've got a 7.4% market share and the number three position. In Europe, Middle East, and Africa, we're number five with a 4.5% share, but there's a relatively tight clustering of banks in the top 10. In Asia-Pacific, we're the number three bank. In LATAM, we're number two. There's upside in all of these areas. When we look at market share by product, I mentioned number four in M&A and ECM, number two in investment-grade and leveraged finance.
There is upside in each of these products, which I'll talk about in more detail in a minute. When you look at our sector performance, we're top three in five sectors, top four in three of the others, and number six this year in one sector, which is healthcare, which we believe is an anomaly this year. Potential upside exists across all industries. In fact, across our platform, we expect strong revenue growth over the medium term. In order to achieve that growth, we're focused on seven key areas outlined on page 24. Firstly, which I just discussed, so I won't discuss it again, is integrating with corporate banking to enhance market share. Secondly is enhancing our leadership position in debt capital markets. Thirdly, growing share in the U.S. middle market. Fourthly, really focusing on M&A to drive growth.
Fifthly, capitalizing on our ECM market momentum, which we currently have. Sixth is investing in our rates and currency solutions business, and seventh is really a focus on holistic capital structures. Let's turn to enhancing our leadership position in debt capital markets on page 25. I mentioned our number two ranking in both global investment-grade and global leveraged finance, but we have an opportunity to do more. Given that we do more deals than any other bank in these areas, we generate an enormous amount of data. We have an opportunity to deliver data-driven proprietary insights and really advanced analytics to clients. We're very focused on delivering innovative credit structures across the entire capital structure, including private capital solutions, which I'll talk about more in a minute.
There is an opportunity to further drive bespoke acquisition financing solutions, whether that's across syndicated loans or bridge facilities or bonds or increasingly various types of private capital, including direct lending and hybrid equity. Flipping to page 26, the third key area is to grow share in the U.S. middle market. The U.S. middle market typically represents around 20% of the global Investment Banking fee pool and 35% of the U.S. Investment Banking fee pool. It is a very big opportunity. We have 25 locations across the U.S. now, with approximately 200 emerging growth and regional coverage, or EGRC, bankers in those locations, serving our GCB and middle market clients, which we generally define as companies with between $50 million and $2 billion of revenue. We have grown our client count over the last several years, and very importantly, we are ranked number one with global commercial banking clients.
You can see in the middle there that we've gained 87 basis points of market share and improved our rank over the last three years. On the right-hand side, we have a number of initiatives to grow market share, including really continuing to invest in that emerging growth and regional coverage platform to cover more clients. Intensifying Investment Banking coverage of those clients, where it makes sense, by delivering our sector team expertise into that client base. Working with the global commercial banking team to very systematically review opportunities across their very, very large client base, which Wendy will talk about. On page 27, the fourth strategic priority is to focus on mergers and acquisitions. We've got a strong number four position, but you can see on the bottom left-hand side that there is an opportunity ahead of us to gain market share.
If you look at the charts in the middle, we know exactly where the opportunities exist. We have to do transactions. You can see that we do about 30% fewer transactions than our competitors. We also have to continue to add more value to our clients in the context of M&A assignments, taking on more lead roles, and that will drive growth in fees. Looking at the right-hand side of the page, we know what we need to do to continue to improve our position from investing in our team to leveraging our entire platform and to continuing to invest across all of our capabilities. We know that our strategy is working. When we look at our forward pipeline, it is up double digits year on year. It is not just the size of the pipeline, which we feel good about.
We feel very good about the quality of the pipeline too. More larger deals than ever before, more sell sides than ever before, and more sole or lead advisor positions than ever before. On page 28, the fifth leg of the strategy is to capitalize on the momentum which we have been building in our equity capital markets business. We're number four year to date, and I'm actually quite proud of being an active or lead left book runner on roughly 75% of the IPO deals that we've done this year. We're number two in equity linked volumes here in the United States. In fact, we're number two in all volumes here in the United States. As you can see in the chart on the bottom left, we're number six in IPOs, number four in follow-ons, number four in blocks, and number four in equity linked.
Again, we've got this good foundation upon which to build, but a real opportunity to outgrow the market over time. You can see on the right-hand side, which I won't go through, some of the areas in which we're focused to do this. Turning to page 29, the next priority is to lead in rates and currency solutions. This is truly an integrated business with a 25% return on regulatory capital, transacting in 140 currencies, as I mentioned, 4 million transactions a year, and $4 trillion in annual transaction volume. You can see that we've already grown at close to a 10% client value CAGR over the last five years.
Our key initiatives to drive growth include accelerating innovation in our payment solutions area, working closely with both markets and the GPS team, which you'll hear more from later, increasing our penetration with clients globally, particularly related to our corporate banking strategy of expanding internationally, and leading in event-driven risk management, particularly by pairing advice with bespoke derivative solutions. Finally, on page 30, we're focused on delivering holistic capital solutions, really tying it to the growth in private markets. We understand all of the trends, as you do all, the significant evolution of the size and focus of private capital providers. Biggest firms are getting bigger and even more diversified. On the other side of the coin, it's very obvious. There's a massive financing requirement to scale the new private economy.
Financial sponsors are increasingly focused on non-traditional creative financial structures, as are many of our corporate clients. Large-scale financing in a private context is now feasible, it's commonplace, and it's attractive relative to the public markets. As a result, there's larger demand for integrated solutions across debt, equity, and derivatives. In order to tackle those solutions, we already provide holistic, non-traditional financial advisory to our corporate and sponsor clients. We've had quite some success in delivering large-scale private transactions. We've got dedicated pools of private debt capital to support growth for private new economy clients. We've established our continuation fund advisory business and already this year have done one of the largest single-asset continuation fund deals. Stepping back in Investment Banking overall, we're very excited about the opportunity to grow our business and take market share.
It's been a journey that we've been on for some time. Now, in addition to driving that core Investment Banking business and our core corporate banking business, there's a number of other important levers which we're focused on to drive results, starting with page 32. The first is to partner very closely with other lines of business to deliver the firm. Now, look, I'm very fortunate to work at a firm where our global commercial banking business is a real benefit for GCIB, where our Global Markets business is a real bonus for us, where our wealth franchise is a real bonus for us. We have all of these advantages working together that realistically only one or two other banks have the potential for. Not only do we benefit from those close partnerships every day, but we also deliver for other lines of business.
Let me give you three examples. One, since 2023, Investment Banking has made over 600 introductions to global commercial banking clients for core commercial banking and treasury relationships. Two, in the last two years, we've introduced 70 clients with over 1.6 million eligible employees through the Consumer Bank EB&I program, which Holly talked about. Three, GCIB has made over 1,000 introductions to the Wealth Management franchise over the last few years. We think this is just the tip of the iceberg of what we can deliver in the future as we continue to drive integration. Turning to page 33, we also have to invest in talent. We do believe that junior talent is the foundation of our business, and we're highly focused on the junior banker experience.
have appointed a productivity and innovation executive who is a direct reporter of mine to really focus not just on the junior banker experience, but on how we reimagine the work the junior bankers do. We rethink the workflow between senior bankers and junior bankers using better processes, technology, and of course, incorporating AI. This also means changing culture, focusing on training and development, talent planning, performance management, and very importantly, really listening to our people to drive the right kind of change going forward. Turning to page 34, one of the areas that we have been changing a lot is leveraging technology to transform Investment Banking and capital markets. We have been digitizing our business for quite some time using analytics and modernizing the core platform to really improve banker and execution efficiency. We have introduced a knowledge-sharing platform for junior bankers, which is incredibly popular and useful.
We've also been automating many parts of our business using bots to help with various parts of execution. In our capital markets businesses, we've introduced many tools which allow us to link issuers and investors directly. More recently, we've introduced a suite of GenAI products to really help with a variety of use cases like meeting preparation, idea generation, pitch book creation, preparation for due diligence meetings, really just to name a few, but there are many, many, many potential applications. I want to be clear that the ultimate aim of all of this is to increase productivity and efficiency. These tools will allow us to optimize our resources more appropriately, and that will translate into expense savings over time. Flipping to page 35 and bringing it all together across GCIB. We have built a very strong foundation for our business.
We've invested to deepen and broaden our presence here in the United States and internationally. We have invested in growing our workforce, and we have invested in technology. All of these give us the ability to scale our platform and also continue to create that very significant competitive moat that we have. As I just went through, you can see that we've been genuinely quite successful over the last few years, but there is an opportunity to do more. We know what we need to do. We need to leverage this incredible platform to drive future growth and results, revenue, operating leverage, and returns. We've provided some medium-term targets on the left-hand side of this page for both Global Banking overall and for GCIB. You'll hear from Wendy and from Sharon about targets in their respective businesses.
With that, it's now my pleasure to turn to Wendy Stewart, who will talk a little bit more about our global commercial banking business, which is clearly a key pillar in our Global Banking platform. Thank you. Thank you.
Good morning. My name is Wendy Stewart, and I am the President of Global Commercial Banking. GCB is a sizable leading commercial bank. We have the number one or number two position in every area where we choose to compete. We are ranked number one in client experience, number one with cash management, and number one with our digital platform. We're the number one CNI lender in the United States. As you heard Matthew just say, we have the number one Investment Banking share with our GCB clients. We know what it takes to win, and we deliver that every day for our clients.
We drive profitable growth for our company and for our investors. Let's move on to slide three. In GCB, we cover U.S. and Canadian headquartered companies and over 100 markets. We also have coverage of our GCB international subsidiary clients in 20 countries around the world. We are ranked—excuse me—we have a relationship with one in five middle market companies in the United States, and we have significant relationships with clients across a variety of specialty industries. These include healthcare, education, not-for-profits, commercial real estate, automotive dealerships, aerospace and defense, and lastly, the professional sports and leagues and teams that we do business with. We go to market as one team. Each client relationship is led by a dedicated banker who is coordinating with our partners across the other seven lines of business.
We do this to deliver solutions and solve financial needs at scale, locally, and around the world. We have invested in these global capabilities for decades so our clients can operate seamlessly across borders. Let's move to slide four. Here is what we've delivered. Our size and scale has enabled us to deliver profitable growth for years. Over the last five years, we've grown loans 8%, deposits 34%, and revenue 17%. Not only are we delivering NII with our strong balance growth, we've also grown non-interest income, which has been up 18%. Our bankers' average revenue has increased by 19% over the last five years as they continue to deliver the entire company to our clients. Our growth is profitable, and it's efficient. We have the lowest efficiency ratio in the company at 35% as of third quarter of this year.
Our return on allocated capital is 15%. Let's move to slide five. Third parties across our industry have also recognized our results. We have been recognized as the number one middle market bank in the United States, the world's best bank for SMEs, and best bank for our leadership positions in cash management, CashPro, and analytics. Let's move to slide six. I'll talk about how we succeed with our deep core relationships at a scalable foundation. In GCB, we grow our client relationships by delivering the solutions that meet their core operating needs. This includes deposits, cash management, and lending. We also grow our relationships by helping our clients with all of their strategic needs. There are several that I'll cover today. Our client coverage model is a combination of human expertise plus digital solutions to deliver our entire company.
This approach requires significant investment, which we have made for many years. We've added bankers, we've expanded geographies, and we have invested in technology, data, and AI at scale so we can grow revenue, add clients, improve the client experience, and provide unique data and insights to drive banker effectiveness and efficiency. Moving on to slide seven. We've grown in meaningful ways over the years, and we have more room to deliver strong, organic, profitable growth. In addition to growing core operating relationships, which includes loans and deposits and fees, there are six areas that I'll expand on today that represent several billion dollars of additional revenue growth to our company in the medium term. First, I'll start with market share growth on slide eight. Our market share is 20% today based on Coalition Greenwich data.
Also from Coalition, we're currently ranked in the number one overall client satisfaction position. We will leverage the investments that we have made, our market-leading solutions, and our go-to-market model to grow our market share to 23% in the medium term. We'll also retain strong client satisfaction scores. All of this will result in us adding new clients and growing loans, deposits, and fees. Now, we're a commercial bank, and so I'm sure you would expect that from us, and we will deliver it. What you may not expect are five more opportunities for growth that I'll walk you through starting on slide nine. Three years ago, we established a new economy team and really formalized some of the work that we had been doing. We define new economy as emerging healthcare, emerging technology, and green tech companies.
We launched this platform in 2022, and since then, we have added 800 clients to our new economy initiative. We've grown rapidly as we've made the right investments into the people and the platform to deliver for these clients at scale, from startups to IPO and beyond. The team covering these clients has extensive industry expertise. They understand the clients' industries, and they understand their unique needs. We've also invested in a variety of solutions for these clients, and it ranges from core banking and lending, and it also includes strategic solutions like private capital. We're also partnering with Wealth Management to meet the needs of the founders and the owners. As their personal wealth grows and scales, we're also helping them with all of those needs. I expect this effort to generate $20 billion of additional deposits and $600 million of additional revenue in the medium term.
Let's keep moving to slide ten. Our global coverage model is unique, and it's a clear advantage for us. While Bernie Mensah will cover this in more detail, there are a few points that I want to cover now, given how important international is to our GCB clients. We have a dedicated team in GCB, bankers based in 20 different countries who partner with our US-based team to cover our clients' international subsidiaries and all of those needs. We have been operating in these countries for decades. Our company understands the local laws, rules, and regulations that are required to do business in each of these jurisdictions.
Whether a GCB client is expanding into the United Kingdom for the first time or they're acquiring a company in India, we have the local expertise in each of these countries to help our clients navigate the complexities that come with doing business outside the United States. Clients tell us repeatedly that this expertise is invaluable to them to help them grow. We have invested in this business for more than a decade, and we will continue to grow it. We'll grow CPR, or Countries Per Relationship, above the 2.6 where it sits today, and we will increase our international bankers by 40% to support our clients' growth. I expect this will generate an additional $1 billion of revenue in the medium term. Let's continue to slide 11.
I want to talk about another partnership that is important to us that we leverage extensively, and that is with Investment Banking. Now, Matthew talked about the investment that we have been making in Investment Banking coverage to support GCB over the years. In case you missed it, we have over 200 investment bankers in 25 cities around the United States that our GCB team is working closely with. A large percentage of our clients in GCB are family enterprises. They're run by the third and the fourth generation, and they put a high premium on strong relationships that have been built over a long period of time. They value our delivery model. They tell us it's the right combination of local coverage and industry expertise with significant capabilities to help them with the advice and guidance they need to continue growing their companies.
Whether that's helping a company grow outside the U.S. with an acquisition, or it could be helping a company sell a minority stake in their company to a family office, we are bringing these creative ideas to our clients, and we're winning Investment Banking as a result. Today, we have the number one rank with our GCB clients with Investment Banking. This equates to about a 13% share, and we plan to grow this in the medium term to 15%-17%. There are still other opportunities for our growth. The next that I want to cover on slide 12 is rates and currencies. In a volatile world, our clients need help managing a lot of risk. We work closely with our capital markets partners and our Global Markets partners to deliver sophisticated trading and hedging solutions to manage FX and interest rate risk.
This includes FX Flow Business to help clients manage their global cash positions, executing on a forward hedge to reduce the volatility of a future acquisition, and protecting clients against earnings translation risk. Not only are we helping our clients manage this risk, we give them real-time visibility into these transactions through CashPro. Today, 27% of our GCB clients use FX solutions. We plan to grow this to 37%, which represents a $600 million revenue opportunity across rates and currencies in the medium term. Let's move to slide 13, and I'll cover our sixth area of growth. For the executives and the employees of GCB's clients, our partnership with workplace benefits and employee banking and investing is very effective. Today, 2.8 million of GCB companies use EB&I.
It's about half of the total program that we have as a company, and it's a great source of business for consumer banking and investing. Now, beyond banking investing, our clients have additional needs for their employees. They include 401(k), health savings accounts, and deferred compensation programs. We partner with workplace benefits to deliver these solutions. 12% of our clients use a workplace benefit solution today, and we have a lot of room to continue to grow this by 40% in the medium term. Moving on to slide 14. We have made strategic choices and investments, and we believe that they are paying off. Hopefully, you have a much better understanding of GCB's delivery model and the value this is delivering for our clients, our company, and our investors.
It's based on strong partnerships across our company combined with an integrated platform and deep capabilities that we have been investing in for years. The last area that I want to touch on is all about innovation. Moving to slide 15. In addition to local and global client coverage and comprehensive solutions that our clients demand, they also want an innovative experience to help them solve their business problems. That includes the insights that we provide and the tools that our clients are using to manage their companies to drive efficiency and to reduce fraud. We continue to invest in CashPro, the digital platform that our clients are using to manage their financial interactions with us. Mark Monaco will go deeper on CashPro and the variety of features in this powerful platform, but there are three examples that I want to highlight for you now.
The first are the actionable insights that we provide to clients. Second, a cash forecasting module that is embedded into CashPro to help clients manage their global cash positions. Third, CashPro Chat with Erica, a virtual service advisor. Today, 80% of our clients are digitally active, and over 285,000 client requests have been handled by CashPro Chat with Erica. This is driving greater efficiency for our clients and for our team. Let's move to slide 16. There is one more topic on innovation that I want to share with you. The second way that we are delivering an innovative experience for our clients is by turning the client data that we have into actionable and timely insights. We have a lot of client data. It sits in over 55 data sources across our company.
This data is organized in a way that provides holistic client views to our bankers. We're leveraging this data and AI to give bankers better insights on all of the client activity to make it easier and faster for them to prepare for client meetings and to help bankers become more effective and more efficient. We have a demo available for you today at lunch, and I hope that you will come by to check it out. Not only are these results producing more efficient and effective bankers, we're also delivering a better client experience. Bankers are more efficient, and in fact, they're now covering 10% more clients, and they're driving more revenue per client relationship. This means that we'll need to hire about 100 fewer bankers in the medium term, even while we continue to grow and gain market share.
Bankers are more effective, too, and we see that with improved client experience scores. Our overall client experience was up 5% this year, and clients tell us they are very happy with their bankers. Banker satisfaction has increased to an all-time high at 93%. All of this that I have shared with you sets us up for our next phase of growth in global commercial banking. Let's move to slide 17. GCB's relationship-based approach that leverages strong partnerships and our extensive platform has served us well for years. Our talented team of bankers have built deep and profitable client relationships, and there is a lot more room to grow in the United States, in Canada, and around the world. We have a rare combination of size and scale, and we will continue making consistent investments to support our growth.
Over the medium term, we are very focused on expanding market share, continuing to add more core operating relationships while also accelerating growth across our strategic opportunities. We will leverage innovation, AI, and differentiated client insights to improve the client experience and enhance banker effectiveness and efficiency at scale. This combination will result in more profitable and efficient growth. Our model is difficult to replicate. It is a competitive advantage for us, and it will fuel our next phase of growth. We will measure our results with four medium-term targets. We will achieve the number one U.S. market share in the markets where we choose to compete. We will deliver CAGRs of 6% deposit growth and 5% loan growth, and we will operate at a 30% efficiency ratio. Next, I would like to turn it over to Sharon Miller, President of Business Banking. Thank you.
Good afternoon, everyone. It is great to be here with all of you and those that are joining us virtually from around the country. I'm Sharon Miller. I'm President of Business Banking, and today I'll highlight our recent financial results, the four key pillars driving our growth, and our medium-term outlook. Small Businesses are the backbone of the U.S. economy, and this business is incredibly important to the success of Bank of America. We are proud of the performance that we have built and the momentum that keeps going forward. Looking ahead, we are transforming the way we serve clients. We're expanding digital capabilities. We are deepening relationships and supporting businesses from startup through $50 million in annual revenues.
I'm excited to lead this business at such a pivotal time for us in our strategy, and I'm confident that our strategy positions us for continued growth for our clients, our communities, and our shareholders. Let's go to slide two. One of the most important developments over the past few months is essentially we have doubled our sales force. Even though Small Business and Business Banking report separately, we expect significant growth by expanding our network of relationship managers. On the left side of the slide, you will see Small Business. Small Business remains a powerful growth engine. It's large, it's highly digital, and it is growing. We have $145 billion in deposits, $28 billion in loans, deposits up 45% since 2019, loans up 38% since 2019. And 92% of our clients are digitally active. On the right side, you can see Business Banking.
Business Banking delivers the full relationship, the advisory relationship. That results in very strong, long-term, profitable client relationships with $54 billion in deposits and $12 billion in loans and a 95% satisfaction score with our bankers. On the far right, you can see our banking solutions per relationship at 3.6. This is up 3% year-over-year, and our digital solutions per relationship are at 2.6. That's up 2% year-over-year. These are two of the core metrics we are driving, and with the combined and expanded sales force, we expect to accelerate both. On the next slide, I want to highlight our market leadership. We have been recognized as the number one lender to Small Businesses for 17 consecutive quarters. If you look at the right side of the slide, you'll see several areas where our leadership is acknowledged. Let me call out just three.
Upper left, for six straight years, we've been named the best bank for small and mid-sized companies. Middle column, second row, our practice solutions program for medical professionals has been rated best in the industry for 12 consecutive years. In the third row, first column, we have been named the number one bank in satisfaction with merchant services, which is incredibly important to our client base, for four consecutive years. All of this reflects a simple but powerful idea. By bringing the best of both businesses together and expanding our number of relationship managers, we are now positioned to accelerate growth in the mid-size space. With that foundation, let's transition to slide four, where this brings the full picture of the combined business together.
On the left, you'll see the scale of our platforms: 3.5 million total client relationships, 27% share of mid-size companies, $200 billion in deposits, $40 billion in loans, generating $8.2 billion in revenue and $2.4 billion in net income. In the middle column, you'll see where that opportunity lies. We bank 400,000 mid-size companies, and this is our biggest growth lever. We define mid-size companies as companies with revenue between $1 million and $50 million in annual revenue. Turning to slide five, on the left side of the slide, you'll see the range of solutions we are using to support our clients, and I'll walk through those in more detail in some coming pages. Before we go there, look at the top of the slide. Up 7% year to date in mid-size client relationships, and we are still very early on in combining these businesses.
This is just the beginning of what a combined business can deliver. In the middle of the slide, you'll see the map. It tells a very important story. We are not just winning market share in major markets or one particular market. The growth is coming from every market we serve. We are positive in net new mid-size relationships in every market we serve. This broad success is driving continued growth in our deposit base and reinforcing the strength of our strategy. Let's move to slide six. You can see that our deposits are both stable and profitable. They continue to be a key strength of our business. We've grown deposits at a 6% compounded annual growth rate since 2019. Our average rate paid is just 66 basis points. Demonstrating the value of the franchise and the depth of our client relationships.
Although it isn't on the slide, we are outpacing our competitors by 680 basis points when it comes to deposit capture in business. Our balance sheet continues to grow. Turning to page seven, we are the number one lender to Small Businesses for 17 consecutive quarters, and we've grown loans at a 5% compounded annual growth rate since 2022. This is a profitable business with strong margins, especially in the card space, which you can see on the right-hand side here. 11% balance CAGR in outstanding since 2022 with a 9.7% risk-adjusted margin. This speaks to the strength and the resiliency of the franchise. It's a business the bank takes very seriously. Importantly, these results are not the finish line. They are a launching pad for growth. As we continue to put a particular focus on serving more mid-size U.S. companies.
The first seven slides we just went through set the stage for our next topic, our pillars of growth as we move forward. Our growth strategy is built on four key pillars. Number one, provide advice and solutions across a fully connected continuum. We are integrating our capabilities across every stage of the business owner journey, from startup to mid-size, ensuring clients receive seamless advice. Lending, payments, wealth, and treasury solutions no matter where they are in their growth. Number two, strengthen local presence and deepen relationships. Our goal is clear. We will achieve 30% client share in every market we serve. Expanding relationship managers and empowering local teams is how we win because clients value a banker that knows their business and their community. Number three, deliver the full power of the enterprise: business. Personal, wealth, and workforce.
Business owners consistently tell us they want more than just a business bank. They want a bank that can help with their company, their personal finances, their employees, and their long-term wealth planning. We are uniquely positioned to bring the entire bank to them. Number four, extend our digital leadership. We want to serve more clients more efficiently. By scaling digital tools, making it easier to open accounts, manage cash, and access capital. Let's move to slide nine. This slide shows our fully connected continuum, how we serve businesses at every stage of their growth. On the left, the emerging businesses, that light blue box. We serve 3 million of them today, clients with under $1 million in revenue. They are primarily serviced through our financial centers.
We have business solutions advisors, but these clients are highly digital, which aligns directly with our pillar of extending digital leadership and serving more clients more efficiently. In the middle, the growth businesses. Royal Blue, companies with $1 million-$20 million in revenue. We currently serve about 400,000 of these clients. These businesses are profitable for us. There is still a $90 billion revenue pool from companies we do not serve yet. This is where the pillar of deepening local presence and expanding relationship managers to reach that 30% client share in every market we serve comes to life. On the far right, the relationship businesses, Navy Blue. These clients generate between $20 million and $50 million in annual revenue. We bank 21,000 of them today with another $10 billion in revenue opportunity from those that do not bank with us yet.
This is a space where we deliver the full enterprise, Business Banking, wealth, and workforce solutions, exactly what business owners tell us they want. Across all three of these segments, emerging, growth, and relationship, the strategy is simple. It is aligned to our growth pillars: deliver advice through a connected continuum, deepen local relationships, bring the full enterprise to every client, and scale through digital. As we move to slide 10, we'll take a closer look at the second key pillar. Strong local presence, that equals client share. This slide highlights building a strong local presence to grow and defend and deepen client relationships in every market we serve. Across the slide, you'll see our client share by city. The 30% line at the center of the page represents our target in every market. To the left of the 30% are markets where we are still gaining share.
To the right of the 30% are markets where we already lead and must focus on defending and deepening those client relationships. Starting on the far right, Miami, 48% market share. We have been in that market since 1877. This shows what long-term presence and deep relationships can truly deliver. Also where we must stay disciplined and protect our leadership. Now, looking at the left side, these are areas of opportunity. Houston is a great example. We piloted the integration of our two sales forces in Houston at the end of 2024. In just two quarters, our client share increased by 170 basis points. That is meaningful progress, and we are just getting started. This is how we operationalize our growth pillar by winning locally, market by market, through stronger teams, deeper relationships, and a goal of 30% client share in every market we serve.
Actually, 30+% because we want to keep going. That's just the minimum. On slide 11. Take a sip here. If I can get it open. Our third pillar of growth. Delivering the full enterprise, business. Personal, wealth, and workforce. We are bringing the full power of the bank to every business owner and their ecosystem, starting with consumer and personal banking. Today, two-thirds of our clients bank with us personally, which is a strength, but it also means that one-third do not. That's an opportunity. What's even more compelling and not on this slide, we bank 7 million known business owners through Holly and her consumer team that do not have a business relationship with us today. So we're getting after that opportunity as well. Wealth Management is a major opportunity, another one.
Eric mentioned it earlier, 85% of our business clients do not have a Wealth Management relationship with our company. We are changing that. One client at a time through a local relationship-driven approach that connects business success with personal financial goals. Finally, workplace solutions. Across our businesses, there are 12 million employees who do not have workplace benefits with Bank of America. This is what delivering the enterprise looks like, serving the business, the owner, and their employees. No one else in the market can do this at our scale. Turning to slide 12, the fourth and final pillar of growth. Serving more clients more efficiently by scaling our digital capabilities. We now have a fully integrated digital platform that brings together CashPro and Business Advantage 360, giving clients real-time visibility into cash, payments, credits.
We have a connected CRM system used by every banker, ensuring we have one view of the relationship. A fully redesigned business online experience for clients is built to simplify how clients open accounts, apply for credit, and interact with their banker while improving banker productivity. It is working. In 2019, only 11% of our sales were digital. In 2025, we are at 35%. In the medium term, our target is 50% of all sales completed digitally. This is how we scale. Investing in digital capabilities and tools that handle the routine so our relationship managers can spend more time with the clients and helping them with matters that mean the most to them. Moving to slide 13 and the final slide of this presentation. It brings us back to our strategic priorities for the next phase of growth, the same four pillars I have mentioned throughout.
Number one, provide advice and solutions across a fully connected continuum, serving businesses from startup to $50 million in revenue. Number two, strengthen our local presence, growing, deepening, and defending client share with a goal of 30% in every market we serve. Number three, deliver holistic relationships, bringing together Business Banking, personal banking, Wealth Management, and workplace solutions. Number four, reinvest in digital and technology leadership so we can serve more clients more efficiently and scale our growth. Alongside these three priorities on the slide, it also lays out our medium-term targets: 30%+ local market client share, 5%-6% deposit CAGR, 5%-6% loan CAGR. In summary, we have a leadership position. We have invested in technology and our talent, our sales force. We have doubled it. We have the scale, the people, and the momentum, and we are just getting started.
Now I will turn over to Jim DeMare.
Great job. I'm going to open up a water first so that I don't have to do that later. Anyway, hello everyone. I'm Jim DeMare. I'm Co-President of the bank. Along with my partner, Dean, and the rest of the management team, we're going to be focused on continuing to grow and deliver shareholder value. For the next 15-20 minutes, I'm going to have my old hat on, which I passed on Friday, and speak to yo u about the Global Markets business, which I've been running for the past five years. Turning to slide three. None of these numbers should be new to you. This is a snapshot from numbers we shared just last month for third quarter earnings. You can see we're about 20% of the bank's top line.
It's almost 20% of the bottom line as well. As you can see, the business is profitable. We've been consistently growing, and we're delivering good returns. We believe we can contribute to deliver performance and growth in this business given our opportunities and positioning, and that's what I'm going to focus my time on today. I just wanted to start off with our foundational beliefs that drive our business, and some of these will sound familiar as others who have spoken previously have shared some of the same. Our scale, diversification, and connectivity are important parts of our success in delivering for clients and for shareholders. Our research team and the Bank of America Institute provide valuable thought leadership and insight to our clients. Our talent, our culture, which is based on an ownership mentality and is focused on execution, drives our growth.
Lastly, our continuous focus on optimizing our financial resources and managing risk are embedded in our culture and help us grow. Slide five. The objective here today was to hit on a few things. Number one, talk about our franchise since we haven't done that in quite some time. Talk about our recent performance and the drivers of that performance. We're going to talk about the lending business within markets. Lastly, our plans for continued income growth and market share growth. Slide six, starting off with our franchise and moving on to seven, let's talk about the scale of our business and how it helps us deliver. We commit over $1 trillion in balance sheet to our clients globally across the equity and fixed income markets. We do this across 30 countries and jurisdictions where we have a physical presence.
We provide access to over 70 markets and over 100 exchanges and clearinghouses. This local presence, combined with a global reach, allows us to meet the domestic and global needs of our clients. Slide eight, diversification drives earnings. Diversification across products, equities, fixed income, currencies, and commodities, in cash, derivatives, and in lending products across client types, financial institutions, hedge funds, asset managers, corporations, and sovereign wealth funds. Last but not least, across the globe. The message here is we have clients transacting every day across the globe in all environments, and that's powerful. Slide nine, the connectivity spans the company from individuals to corporations. Some of my partners have already discussed some of it. This connectivity is another part of our flywheel leading to increased opportunities with our clients. In 2024, we executed approximately $290 billion of FX conversions for consumer and corporate clients.
Over $1 trillion worth of trades for our Wealth Management team and clients. Speaking of foreign exchange and rates hedging, which both Wendy and Matthew spoke to, over the last 12 months, 40% of our corporate and commercial bank clients have traded with us to hedge interest rates risk, FX risk, or trade other products. Slide 10. Exceptional research is a competitive advantage. Our top-ranked research team provides insight and recommendations to investors and corporations, covering over 3,500 companies and over 1,300 issuers across the globe. The team also provides in-depth economic analysis, forecasts, and insights. The institute, on the other hand, uses our proprietary data, data from across the bank, deposits, payments, and overall general activity to deliver economic insights to government and corporate leaders, Small Business owners, and investors. Slide 11. Talent, one of the engines driving our success. We attract top talent.
We offer continuous development, and we reward for performance. We have a culture of intensity, collaboration, accountability, and recognition, combined with a focus on risk management and a focus on execution. Slide 12, now we are going to turn and speak to our performance over the last five years. Over the last five years, we have delivered meaningful financial growth and client share growth. Through year-end 2024, we have grown the segment revenue by 40% to $22 billion, which is an increase of 110 basis points in the share of the industry revenue pool. We also grew the sales and trading only by 48%. I highlight that only because that is the number excluding capital markets and other revenue shares. During the same period, net income increased by 61% to $5.6 billion, and the return on allocated capital increased by 240 basis points to 12.4%.
This has occurred as we've continued to grow our share of client wallet across all categories, as you can see here, and we are at a record high. Our FICO wallet share has grown by 230 basis points, and in equities, we've grown by 290 basis points, and our corporate wallet has also grown modestly. This growth has occurred across the globe: 250 basis points in the Americas, a 200 basis point increase in EMEA, and a 200 basis point gain in APAC. Turning to slide 14. We were able to achieve these results in two broad phases. As Brian alluded to earlier, we made significant investments in the platform in the period of 2015 to 2020. We were focused on improving our tech stack so that we could handle more trading volumes and reduce operational risk. This was the foundation.
From 2020 onwards, we increased allocation of financial resources and headcount in the business, and as seen on the left, while furthering a results-oriented and KPI-driven culture that has further accelerated growth. This was complemented with a horizontal strategy across markets and our client coverage model, our financial resource deployment, and our technology investments. Slide 15. Diversification. The consistent top-line growth during this period can be partially attributed to a balanced and diversified business within markets. The bar chart on the top of the page highlights that while performance of sub-categories varied year-over-year, whether it was COVID, the beginning of the war in Ukraine, the varying fiscal and monetary policies, the overall growth has been consistent and more consistent than the industry: 14 consecutive quarters of top-line revenue growth and 10 consecutive quarters of net income growth. Slide 16.
Digging in a bit more, the focus on efficiency was both on the income statement and the balance sheet. Growing our top line while making investments and controlling expense has been critical. As you can see here, our base expenses grew to 2% CAGR, our critical technology investments grew to 10% CAGR, and our volume-related expense grew at a 7% CAGR for a weighted average expense growth of 5%. With our revenue growing at a 7% CAGR, we were able to deliver 2% operating leverage annually since 2019. The focus on efficiency carried through to the balance sheet. We grew net income more than 2x faster than allocated capital. We grew the balance sheet almost 2x more than the risk-weighted assets. We increased revenue earned per dollar of RWA and per unit of GSIB.
These all contributed to the 240 basis point increase in return on allocated capital. Turning to slide 17. Special focus topics since it's been of interest as of late. We thought we'd spend a little time on it, provide a little bit more detail on the exposure, the type of exposure, and we're going to focus on the exposure to NDFIs in particular. Turning to page 18, you can see here we've experienced growth in our overall balances. Just to highlight, 85% of the lending here is to non-depository financial institutions. As you can see, CAGR was about 17%, which is in line with the industry. We wanted to talk about it and talk about how we approached the opportunity, which we believe has been a good opportunity and continues to be a good opportunity. A couple of key tenets for us: we focus on high-quality client selection.
We lean into a consistent risk appetite. The collateral is large pools of diversified assets. We focus on strong structures to protect our shareholders. As a result, on the bottom of this page, you see our losses are minimal, both in percentage and nominal basis. I think that highlights our strategy. Turning to page 19, a little bit more detail. Breaking it out into the largest categories: fund assets and capital commitments, think subscription lines, and diversified pools of public equities. Real estate, which is primarily secured by residential mortgages. Corporate credit, primarily lending to, I'm sorry, secured by corporate loans. Lastly, our consumer and commercial credit, primarily lending secured by auto loans made by large auto manufacturers. Slide 20. I'm not going to go through in detail, but we thought I think this is the most disclosure that's been provided to date.
You can see we have the common principles that really apply across the board. I will just leave it as follows. We have conservative advance rates. There are contractual protections against deteriorating collateral. We have a continuous monitoring and stress testing framework. Maybe I will point out a few of the larger categories: our corporate credit loans. There is a 65% average maximum advance rate against pools of loans secured by broadly syndicated bank loans and separately private credit loans to companies with an average EBITDA of over $100 million. Facility structures include asset-level approval rights or triggers that reduce the borrowing base in the event of individual loan deterioration. The pools of the loans are senior loans and highly diversified: 98% senior first lien with an average industry concentration less than 5%, and the largest single obligor is less than 1%.
Taking a look at the auto loans and consumer credit, average maximum advance rate of about 80% on par value of the collateral. Each of the facilities has custom performance triggers relative to delinquencies, losses, and other borrower compliance. 98% of these facilities are secured by collateral, which is 90% prime, and the remaining 2% of the facilities are 80% prime. So a high-quality, well-structured portfolio. Turning to slide 22. Growth. Before we dive into what we think the opportunities are for Bank of America, I thought it was important to give an overview of what has occurred in the markets industry pool. Coming out of the financial crisis. In the mid-2010s, we had global quantitative easing, which suppressed interest rates and volatility. Global economic growth was modest, and inflation was historically low.
This economic environment, combined with the implementation of new regulations, increasing regulatory capital, and changing existing market structures, was a period of adoption of new rules and low returns on capital. Needless to say, it was a challenging time to be in these businesses. The post-COVID period has been a much improved environment. We are experiencing higher interest rates, higher volatility, higher inflation, increased corporate investments, and higher corporate earnings. In addition, the size and the value of the markets continue to grow, as do the trading volumes. We think the environment over the next few years will look more like the recent past than those in the early 2010s. Slide 23. What are we going to do?
We're targeting $27 billion in growth, $8 billion in net income, with a 40% pre-tax margin and 9% of the industry markets revenue pool, and importantly, a 15% return on allocated capital. This will be achieved through capturing identified revenue opportunities with clients across products and regions, while continuing to optimize resource allocation. Continuing to focus on a cleaner, simpler, better operating environment while driving efficiency and innovation. Last but not least, leveraging AI and exploring other newer developing technologies like digital ledgers and tokenization to reimagine how the business and the industry operates. Slide 24. While we're proud of our recent achievements, we know our work is not done. Shown below, we have top market share in four of the nine categories we follow. We are in the top category across the Americas but have significant opportunity in Europe, the Middle East, and Asia.
These opportunities are very big markets. The revenue pool across the FICC macro and equities in EMEA and APAC regions is approximately $70 billion. We have a good base in these markets. Matthew alluded to it, I think as did Wendy. We specifically identified $3 billion-$4 billion opportunity in equity and FICC products. We're looking at these opportunities in two broad buckets. The largest segment is with institutional clients, and that's about $3 billion. Of this, 95% is with our existing clients. What we need to do is do more in the products where we both already engage with each other, and better aligning where we are active, but the activity has been muted. The second bucket is with corporate clients, which is about approximately $1 billion, and about 60% of it is with existing clients.
We're obviously going to do more with them, and the other 40% is with clients that we do not yet cover. Bernie is going to get into that in his section as well. Turning to slide 25. I mentioned numerous times on returns that we focus on the optimization of financial resources across clients, products, and regions that we are active with. Range of returns varies across the products that we offer. Some are low ROA, some are high ROAC, and some are just the opposite, with many of them being in between. In addition, the liquidity and funding profiles also vary across products and regions. This process of resource management optimization is dynamic and continuous, happening every day. It is driven by the teams having an ownership mentality, driving routines across their.
Individual businesses and at the market's level, as a whole, to review resource allocation by client, by business, and by overall returns. Slide 26. Continuous focus on drive for operational efficiency. We need to make our platforms cleaner, simpler, better. It's a phrase that we've adopted over the last handful of years, and it's worked well for us. What do we mean by it? Cleaner, automation, and improving data quality. Better. Reduce the number of systems and applications and drive a scalable infrastructure. Better. Delivering innovative solutions to our clients and for our teams. Turning to slide 27. As we all know, and it's been discussed, technology is a critical aspect of this ongoing growth, and AI is playing a large part of it. Not surprisingly. We're exploring and using it in many ways.
To more easily access and utilize our research and analyze company transcripts, to analyze and compare term sheets, as well as better analyze our client engagement and activity. To improve our operational capabilities, enhance our risk management framework, and optimize market executions for us and for clients. Our technology focus does not end there. Things continue to advance quickly. We are exploring and have engaged in partnerships with companies developing and implementing digital ledgers and digital cash to improve settlements and capital efficiency and automate cash management. We are already seeing efficiency benefits across our sales and trading processes, and we expect these to accelerate as we adopt and scale these technologies further. Slide 28. The business is highly scalable. We have strong operating leverage, and it is powerful. The ability to do more off the existing base.
We can deliver higher returns, further improvement in our pre-tax margin, and higher return on allocated capital. Slide 29. Let's wrap up with some key messages that I hope were very clear. Slide 30. Our business is well diversified across products, regions, and clients. It helps us drive resiliency. We have growth momentum, and we are executing on opportunities to grow share in markets where we are undersized. We are highly scalable. More of the incremental revenues will drop to the bottom line. Therefore, you can expect higher returns from this business. We expect to deliver. Thank you. We'll have lunch, some demos, and I'm told we would like you back in he room by 1:35. Thank you.
All right, all right. Good afternoon, everyone. I hope you had a great lunch and are ready to go after the break. My name is Dean Athanasia, and I am the Co-President of Bank of America. This morning, you heard from my colleague, Jim DeMare, and our senior business leaders talking about our eight lines of business. This afternoon, we're going to switch gears a little bit to the platforms that support our line of business, help them make better competitors, and grow faster. I'm going to cover how we deliver one company. Bernie Mensah is going to follow me and cover our international markets, and a few of my colleagues will be up here talking about all of our platforms. All right. With that, I'm going to kick us off with this next slide, which not only highlights the top leadership positions we have by each line of business, but also highlights the incredible client base we have right here in the U.S. and around the world.
On the people side, we do business with over 69 million clients. That's one out of every three U.S. households. That's driven by investments we've made in the business and will continue to make. We build a world-class digital bank with over a billion logins every month and growing. We've added over 18,600 wealth advisors in the field, and we placed over 16,000 relationship bankers within 3,600 financial centers and supported them with 15,000 ATMs. All that infrastructure and all those resources working on behalf of our people clients. On the business side, we do business with over 46,000 business clients, or 96% of the Fortune 1000. For similar reasons, we built a world-class digital bank that we call CashPro that has over 70 million logins every year by our corporate clients.
We placed over 4,300 corporate relationship managers in the field, and they partner with and are supported by over 3,400 specialists across capital markets, Investment Banking, treasury products and services, and our credit products and services. All of that working on behalf of our business clients. If somebody wanted to replicate everything we have on the slide business-wise, it would take billions in investments over many, many years. If somebody wanted to replicate our client base, though, it would take decades and decades if they could do it at all. Those are tremendous competitive advantages for us. Another thing that differentiates us is the way all these businesses work together at a local market level to take share and grow. Jumping to slide three. That means our integrated business model enables national scale through local execution time after time.
For the sake of the presentation, I'm going to show how we do this in the U.S. As I said, Bernie Mensah will follow me and cover our international markets. Please keep in mind, even in the U.S., it's one country, but every market in the U.S. is different. The client opportunity is different. The competitors vary. The dynamics driving their local economies are all different. Each market requires a different level of investment and a long-term commitment to realize the opportunity. All right. I'm going to talk about the U.S. and its markets on slide four. Overall, the opportunity in the U.S. is significant. On the slide here, we shaded the states with the higher GDPs in the darker blue, for example. California, with markets like Los Angeles, San Francisco, and others, has an economy the size of Japan.
While New York's economy is the size of all of Canada’s. Texas, with great markets like Dallas, Houston, and many others, rivals out of Italy. Florida, with markets like Miami, Orlando, Jacksonville, is the size of Spain. Even some of the smaller states here in the middle of the country, like Colorado, are comparable to Singapore or Norway with its markets of Denver, Boulder, and others. To get at the opportunity within these states, you have to focus on the individual markets. More than a decade ago, we organized our resources to capture share in the top 97 markets in the country out of some 350. Now, why those 97 markets? That allows us to cover 96% of the U.S. GDP, and 95% of the business and people populations reside in those markets. All right. Let's talk about our approach on slide five.
First off, we had a pretty good starting point years ago for those of you that follow our company. We've had over 400 Private Bank, commercial bank, and business bank offices, and thousands of client professionals in some of those 97 key markets as shown by the red circles on this slide here. We also had over 3,400 financial centers in those markets. I just highlighted the state in blue just for simplicity. In addition to that, as you know, over time, we added Merrill Lynch to our franchise and our organization, as shown on the next slide, slide six. Overall, Merrill added another 500 locations. And thousands of advisors to the mix. 400 of the Merrill Lynch offices overlapped with our existing lines of business and actually strengthened our positions in those key markets.
Over 100 Merrill offices, as shown by the blue circles here, were located in markets that we actually wanted to expand to. Merrill gave us the leverage to expand into those markets. What did we do? We had a Private Bank, business bank, commercial bank offices, and more client professionals to work alongside our great Merrill financial advisors in those markets. As shown on slide seven, we also added, or will add, over 200 financial centers. I shaded these in the dark blue just to make it simple, but you can see all our offices here. As Holly pointed out early this morning, we have already entered 18 new markets so far, and we are in the process of adding another six markets. Just to summarize this a little bit.
These markets I'm pointing out all have great size, scale, and growth opportunity for us. They're one of those 97 markets. We're going to use, and we are using, the full complement of all the businesses you saw this morning to go after the opportunity in each and every market. We do that day in, day out, week in, week out. On slide eight, you're going to see the full picture now of how we're organized. Just staying in the middle of the slide here, out of those 97 markets, we cover 20 major markets, so New York, Los Angeles, Chicago, right here in Boston. We cover 33 metro markets, maybe the next size down in terms of overall size and scale, but still great opportunities, great examples there, Tampa Bay, Austin, and Denver, great markets.
are 44 suburban markets, another level down in size, but still great opportunity, good examples there, Charleston, Tucson, and Knoxville. As you can see, under each of those different categories, we have right-sized the resources against the opportunity. We are efficiently driving growth in all those markets. By the way, we will continue to add more. If we find share there, we find opportunity, we are going to continue to add more resources, and you are going to see that in a second. Another thing we did for these 97 markets was select a senior business leader to be the captain, if you will, or as we call it here, the market president. Right here in Boston, the market president is Mihal Chamberlain. Is Mihal back here still? I know he was there. He is back over there.
Mihal is the, he serves as the Northeast Division Head of the Commercial Bank that Wendy, you heard Wendy present on this morning. He also serves here as the Boston Market President. Now, I know many of you have worked with Mihal in the past, and you might be asking right now, what does Mihal do as the Boston Market President? Great question. Slide nine. Mihal, and the other 96 market presidents, they're responsible, if I start on the left-hand side, for convening a business council of all of our lines of businesses, bringing them all together, and driving all the business activity in the market. All right. They're our eyes and ears. They make sure that we have the right resources and talent in this market to grow and take share.
They make sure each business is winning, striving to win, has the right resources to get there. They make sure also, this is an important part of our culture, all these businesses are collaborating together and sharing clients and helping each other grow. They make sure that Bank of America is deeply embedded in the fabric of the local community. I'll talk about that in a second. On the right-hand side, you see some very key facts. I said these are very senior people. On average, they have 24 years of experience at the company. Mihal's a mere baby at 20 years, but we'll forgive them for that. They have to be very senior because, and we make it a little, because they're overseeing the eight lines of business in this market, so they have to know everything going on in the company.
We make it a little bit easier for them. We connect all of our people right here in the U.S. and around the world on our CRM system, Salesforce, that are all sharing information around common clients, appropriate data, market share, and other key facts to run the business. He has that. He also is monitoring 26 defined partnerships between our businesses. I'll direct your attention to the middle of the slide. We are actually tracking goals. We have metrics. We're making sure these are increasing, and we're doing more activity every single week, every single month, every single year. Good example. We have partnerships between Consumer Bank and Merrill Lynch. Consumer refers clients to Merrill Lynch, who are a great fit for that Wealth Management model, full-service advisory.
Merrill Lynch, in turn, refers clients back to Consumer that are a better fit for their Consumer Investment model you heard Holly talk about. In every single Merrill to Business Bank, Business Bank to Commercial, Commercial Bank to Business Bank, even our corporate bank that Matthew talked about has a relationship, connections, and metrics with our Consumer Bank. There are 26 defined partnerships. We are serious about this because we monitor and measure and make sure it is driving growth for us. Mihal, we love him, but we give him one local market portal to see all this activity. He can see it. He can call it out. He can make sure that we are all driving. The other 96 market presidents are doing the same thing.
It's all about taking care of the client, growing share, gaining new clients, making sure we're growing, making sure we have the right resources in those markets, and doing it at that local level that I think you heard it throughout all of our presentations today. All right. Let me just show you an example without calling out Mihal on slide 10. For simplicity, I'm just showing you our client share by market. Sharon had a similar slide. In other words, this is a blended average percentage of individual and business clients that we have a relationship with in that market. I squeezed all 97 markets on here, so forgive me for that. The goal is, you can see to the right, we have a 25% average client share.
We want to get that to 26%, 27%, 28%, make no mistake about it, by driving share in each and every market and gaining more clients. The markets on the left, they probably have, they're above that 25% line. They have the right resources to grow. They're partnering with each other. They've got great activity. There's more opportunity there. The markets to the right, quite frankly, we've got some work to do. There's opportunity there. There's a couple of different cases. It might be some businesses where we need to add resources, right, help us get over that 25% share and grow. It's other markets like at Denver that Holly talked about where we just started a decade ago on the consumer side, and we're continuing to add financial centers to that market and growing and helping. Make no mistake about it. In every single market.
There is opportunity to grow and do more and drive more clients using our integrated business model. All right. I'm going to give you a couple of examples on slide 11. We're going to go to LA and Denver. For the way you read this, and these are just examples from the left and to the right. Consumer, commercial bank, they have an incredible 50% client share of all the clients in Los Angeles. It's a tremendously big market, and it's a competitive advantage for us. They're driving that. They're trying to get, not only are they trying to get to 50, 51, 52, and drive more clients into the franchise, they're also leveraging their positions, helping, in this case, other businesses, Merrill Lynch, drive their share as well. Merrill Lynch does everything great in the market.
They have great advisors, and they're doing a great job. They get referrals from these other businesses. For example, Consumer has 233,000 clients in their portfolio that have greater, we know, have greater than a million investable assets. They don't have a relationship with Merrill Lynch yet, but they're there and the opportunities are there. Same thing with business. Business Banking and commercial bank have over 70,000 business owners that have that level of wealth as well. They are prospects for Merrill. What do we do? We get the permission from the client, those two businesses. They ask permission. They set it up with their Merrill financial advisor, and hopefully we set up a relationship and get that going. That goes on over and over again every day. You can look at the impact here. Merrill has increased market share.
By almost a full percentage point year to date this year, doing everything they're doing. Plus getting all those referrals coming in. It's just tremendous leverage for this. Again, that happens up to a 12% share. For a Wealth Management business, that's a really good market share. For any Wealth Management business in any one market. Denver's, as I said, completely different example. As Holly mentioned, we got in, started getting this over a decade ago with Consumer. We've ramped up financial centers here just recently, 19 centers, up over 80%. We've added marketing over $17 million. We've added client professionals over 200. I'll come back to it, but our employees in that market volunteering, engaging in the market, volunteering over 80,000 hours. Holly opens up a center.
All the other lines of businesses are bringing clients to her so she can rapidly get a great return on that investment, increase her market share, and drive more clients. We went from nowhere in that market in Consumer to number 12, now up to number 7. We're not stopping. We know we have more number one market shares than anyone else in that business in Consumer. As Holly mentioned, we will drive that because we know our fair share is not number seven. It's number one. We'll keep driving it, keep adding resources, keep this activity going until we get there. I touched on the community hours for a second, but let me just show you why that's important. Next slide, slide 12. I chose three markets. LA because I had to.
They won the World Series, so we had to put them up there. Major market. We got a metro market in Tampa Bay and a suburban market in Charleston. All right. The way you read this, we have been in Los Angeles for over 150 years, so deep level of commitment. Our Market President, Rowell and I are back there. Rowell, raise your hand. He's way back there. Thirty-five years of experience in the company. He's developed over 140 local partnerships around arts and culture, sports and entertainment, civic organizations, healthcare, meeting client, other professionals in that market, expanding our brand. Our people are on over 250 boards in LA. It's incredible. I think, Rowell, if I'm not mistaken, you're on the Dodgers board, I believe. Yeah. Don't get too excited. This is Red Sox country here. You're welcome from Mookie Betts, by the way. We'll take that.
Under that, you see all the resources there we have in Los Angeles, and we have a 37% average client share. Same thing in Tampa, 140 years. We have been in that market 30 years, the market president service. They have developed 50 local partnerships. Again, it is a smaller market. It is a metro market. We are on 80 local boards. You can see the resources and a 33% client share. Even for suburban markets, Charleston, 150 years in that market. Our market president has 40 years of service. They have developed 40 local partnerships, 30 local boards, and you can see the resources and the resulting client share. This is why, if you take the two pages, the prior page and this page, this is why this is such a tough program to beat and a competitive advantage for us. When Brian says, "One company," integrated as one company.
Think about what you would have to have to compete against us in these local markets. Top-tier lines of business would create great products and services delivered at that local market level, a recognized and a top-tier brand in the market, our partnership and referral program that has actual metrics around it that we can track and see the progress, a community-based engagement program, as I'm showing you, and commitment long-term to the market. When we get in, we do not get out, and a senior market president orchestrating everything, guiding everything in that market to try to take and grow share. Okay? That is tough to beat for anyone. We're competing against the locals, the regionals, the large peers, everyone. This is how we compete and go to market. In slide 13, I'm going to show you the cumulative impact of all that.
We'll do 10 million client introductions and referrals this year, continuing our 11% growth rate. We expect that to continue because, as I said, we monitor and manage it that way, and we want to drive it and do as much as we can. I think one of the more interesting metrics is under the chart there. We have 30-40% close rates. So we're not just throwing referrals over there. We are building partnerships. These are quality referrals. Our businesses are integrated, and they're using that to our, I think we can bump up higher against that. We're coming up against 40%, so we can probably push that higher, but that is a great close rate for the company. On the right-hand side, I just put a couple of metrics I saw in everyone's presentation. You heard Wendy talk.
She's got the number one global commercial bank. You heard our Wealth Management team, a Private Bank in Merrill, one of the largest top-tier organizations out there in Wealth Management. Those two working together, Wendy is going to get 30% of her new clients through the Private Bank in Merrill Lynch going forward. Think about that. In order to compete there, Wendy does everything great that her team does, and she gets 30% more clients on top of it. You have to have a great commercial bank. You have to have a great Wealth Management organization. The two actually have to be working together to drive this in a meaningful way.
Same thing on Consumer, 1.2 million between Consumer and Merrill, the number one Consumer bank in the world, partnering up with the top Wealth Management organization, not competing against each other, working together to bring each other clients and grow Bank of America overall. 6.6 million. It's a great one. You heard Matthew Koder talk about the Global Corporate bank. They referred over, well, we actually closed over 834 clients in Holly's world. They introduced clients to Consumer. I don't think there's another bank doing that. Holly gets those clients in. They sign them up for our program. They deliver all of our great preferred products and services and preferred rewards to the employees of those clients. So think of what she's done. She's built up a distribution channel that she would have never had access to 6.6 million employees here.
This gives her access to those employees, yet another growth channel for us. Last one, 98%. I said this was part of our culture. 98% of the people in the field participate in this program. Essentially everyone. I do not know who the 2% is. We will find them. No, I am just kidding. I know who the 2%. The 2% of the people came from other banks that came here that did not have a program like this, but they will soon see the benefits of giving and receiving referrals and building their client base, and we will get them. The next time we show up, we will be at 100%. Anyways, let me show you where we are going, and I will end on slide 14 here. Where are we going with the program next? As Holly said, we are going to enter six new markets for Consumer. She is not alone.
All of our lines of businesses, everyone you saw, is going to be referring clients to Holly to help her grow faster, get that return on investment faster, and help her to grab market share and beat everyone else in the market. We're going to leverage the enterprise to grow Wealth Management. Hopefully, we'll go past these numbers. That LA example, all the markets doing that, every single 97 markets bringing clients to Merrill Lynch and Private Bank to help. Hit this net new asset money and perhaps go past it. We're going to leverage, Sharon talked about, getting 30%. In every single market, in all 97 markets. That's great. She's added the bankers. We're busy giving those bankers referrals and clients to help us get that 30% share because she will not stop until she gets there, and neither will the rest of us. We will get there.
We'll scale up workplace benefits here. I think that's an easy target to hit. This is early on this, so we'll hit one and a half to 2x, I think, and we'll just drive right through it. As you saw, I had over 40,000 corporate clients to go after and to be part of this program. We got room to roll there as well. The close rates, you saw 10-12% client introductions, close rate bumping up against the 40%. Let me just close out before turning over to Bernie. Just reiterate a couple of things. No one else has this program at a local market level and is doing what we're doing. No one else has that culture of collaboration this extensive in the market.
For sure, no one else is measuring it the way we do, going after every single market and every single business and looking at our market shares and helping each other drive that business. That's why this is such a tremendous competitive advantage for us. With that, let me stop there. I'll be back up for questions later. You probably have a few questions than that with Jim, Alastair, and Brian. Let me introduce now our Head of International, Bernie Mensah, to talk about international markets. Bernie. Thank you, brother.
Terrific. Thank you so much, Dean. Thank you. Good afternoon, everybody. My name is Bernie Mensah. I'm President of International at Bank of America. I lead all of Bank of America's activities outside of the United States, front to back. That is across EMEA, APAC, Latin America, Canada. It is terrific to be with you here today.
If we can move on to slide two, really what I'm going to talk through today is this incredible international platform that we have, which is really a best-in-class platform. In particular, I want to talk through how we use that to take the incredible global proposition around Bank of America and to take that globally and across the firm. We really are one firm. It's a global platform. What we look to do is to drive this international platform, working with what Dean has just said, so that we're delivering this incredible firm across the globe. Hopefully, I'll be able to take you through in the next 15 or 20 minutes. Really, three things that I'll be talking through in the next 15 or 20 minutes or so. One is really describing what that international platform is.
Secondly, talking through just the scale of it, where we are, how big it is, what we're doing, how we've been growing it. Then really the final section that I'm going to come through is how we think we can grow this incredible platform further. It really has been an engine of growth over the last three, four years, and we absolutely believe that we can drive further growth in the medium term. If we move across to slide three, really there are four or five main points that I want to get across. This is a platform that is globally integrated. We're one global firm.
We're international because our clients are international. They need us to be; we service them across the globe. We are at scale, and we've been investing in this platform over the period of time. As a result, we've been seeing some tremendous growth. We think that it is a differentiated platform. One of my colleagues earlier said there are very, very few of us that have the domestic U.S. platform that we have that Dean just went through and the international platform that we have with it. What we're really doing is just executing every day around that so that we can drive the advantages that we have with the overall platform that we have. If I can move across to slide four. Slide four really describes how we take this proposition to the world.
We really drive three main lines of business outside of the U.S., which is the commercial banking business that Wendy talked about, the corporate Investment Banking business that Matthew talked about, and the Global Markets business. We are building out a nascent international commercial banking business that I'll talk about a little bit later that we're pretty excited about, that we think is a terrific engine for growth. This sits across the platforms that we have, the horizontal platforms that support all of us: our compliance, our legal, our technology, our operations. These are really defining strengths in terms of taking this proposition global. You'll see a little bit what I mean by that when we go forward. For the businesses, the main business that we transact internationally, we're about north of 40%, 40-45% of the global revenues of those businesses.
The international aspect that we bring and the connectivity that we bring for our clients is really very important and critical to what we do. If I can move across to slide five. We have been international outside the U.S. for close to a century. We know what we do outside the U.S. very well. What we do there is known very well by us in terms of how we practice it and is very well known by our clients. We are in 37 countries. We are in about 60 offices. We cover about 80% of global GDP. We cover a lot more of really the relevant GDP that we would want to really target. We have been doing this a long time. We have been in the U.K. for close to 100 years. We have been in Brazil, in Canada, Japan, the Philippines since the Second World War.
In fact, we've been in the UAE since before there was a UAE. Our Dubai office is bigger than Dubai; it's older than Dubai itself. We continue to invest in this business. Our most recent office is Luxembourg, which we opened due to the demand from our financial services and our asset management clients. That's been a tremendous success. That's only been in the last couple of years. We are very disciplined about where we want to be, the countries that we want to be in. We are constantly looking and seeing whether we have the right storefront, which we think we do. This gives us an incredible network effect. Sitting on.
Underpinning all of this, and I'll come to at the end, is an incredible group of country executives in each of the countries that helps us figure out exactly what our strategy should be for each of those countries. They allow us to allocate resources most efficiently in each of these countries. They allow us in each country to bring all of our resources to bear for the benefit of our clients. If I can move across to slide six. These are the clients that we cover. You would imagine, given the businesses that we cover, we're focused on the large corporates. U.S. and international corporates. We're focused on Wendy's commercial banking clients that we want to travel with outside the U.S. This group of clients is 98% of the U.S. Fortune 500. We travel with them. We travel with them very effectively.
They want us to travel with them. They need us to travel with them as they think through their global ambitions. I mentioned the fact that we're very interested in really a nascent international middle market, mid-sized corporate activity that we're slowly building out. Of course, we really cover the global investor class, large pools of US clients, and large pools of international investor clients that are transacting in the global capital market space. This is really an incredible pool of sophisticated large clients that require an incredibly high level of service and a high level of resiliency in terms of supporting them. On the bottom right of.
The slide, Matthew talked about the fact that if we do more with them and if we do more with them in more countries, we do a lot better in terms of deepening the products that we cover and broadening the products that we cover with them. Slide seven, if I can go to that, shows the full breadth of products that we have with these clients. We absolutely have our full fixed income and equities businesses. Some of our competitors might be stronger in one or versus the other. We have the full Global Markets complement, full corporate and Investment Banking complement. Matthew talked about that and an incredible payments platform. We have these really at the granular level.
We're servicing these clients across all of the subsections of the fixed income business in commodities and in corporate bonds and across the range of activities, of course, foreign exchange. The same on the equity side in prime brokerage and equity derivatives and on the Investment Banking side as well. You can see the level of local excellence that we bring there. We're showing that we're actually really deepening and we're excelling in each of these sub-lines in each of these businesses. We think that beyond corporate Investment Banking and Global Markets, the payments activity and the payments, the GPS business that you'll hear from Mark is a real added part of our product mix that really gives us an incredible differentiating factor as well for this business.
These capabilities mean that outside the U.S., we can transact 12-15 million trades a day for our clients. We can render $1 billion-$2 billion prices every day with a level of accuracy that's required by a lot of regulators around the place. As Jimmy said, we're on over 100 exchanges and clearing houses so that we can give those clients the liquidity that they need across their operations across the globe. All the while, we put our clients right at the center of that because we can bring all the financial resources and all the product capability. At the end, we need to get up thinking what is important for our clients. One of the things that is increasingly important for them, or you might say has additional relevancy, is really the intellectual capital that they require.
If we can move on to slide eight, I wanted to touch on really the thought leadership and intellectual capital that Jimmy had touched on on the research piece. He went through that. The point I want to make here is that that research product is truly global for us. For the 3,500 companies that we cover, 2,000 of them are international. You can see all the other economies and commodities that we cover. It means that we're really able to—we're driving a thought leadership and intellectual capital platform that serves our clients, particularly at this time. We're finding that there's increased demand for that capability. Brian talked a bit about that as well when he was going through his slides. There's increasing complexity, and that requires more in this space from our clients.
One of the things that actually gives us an additional strength, actually, is our Bank of America Institute because we shouldn't underestimate how much interest there is in the U.S. economy, what is happening in the U.S. economy. Who better to know what's happening with the U.S. consumer and the U.S. economy than our institute with their real-time data. That's something that we're able to use to really provide terrific service to our clients. Moving on to slide nine. I haven't talked through the countries we're in, the products that we serve, and the clients that we're focused on. This second section of my presentation really talks through the scale of the franchise that we have. This is a franchise that is already operating at scale, $14 billion in revenues, last year $4 billion in profits, terrific contributions to the main businesses that we.
Prosecute globally. It's got $170 billion of deposits. That's a standalone institution. That's quite a large institution. This is a business that really, in order to service the clients at this level of scale, you need all of the different front-to-back activities of the bank working together, which is why I touched on in some of my earlier slides how important and how critical our operations, our technology, our control, our compliance functions are delivering for the client. We need to constantly be investing in this platform because it's a complex proposition. Again, there are very few that are able to do that. There are fewer over time that are committing the capital and the investment to stay invested at this pace because the product cycle that I touched on earlier is evolving. It's not a static product cycle.
We're having to stay up on the game in terms of what our clients are looking for, whether it's new ways of dealing with ETFs or thinking how to think through private credit, etc. In managing this complexity, we've got 18,000 terrific teammates outside the U.S., about 8,000, 7,000 in the front office who work together to deliver this complex proposition. They work across different time zones. They work across different languages. They deal with over 60 regulators across the globe. For each of those regulators, we need to make sure we're compliant with all the local laws, rules, and regs. Our technology platform and those local rules and regs mean that we need to be investing constantly to make sure that we're compliant with whatever is asked for in each of these jurisdictions. This creates, I would say, quite a moat.
As we move forward and as we are committed to be investing, our competitors would need to keep doing that to stay at the pace that we are going. Our clients need us to be investing to make sure that we can provide the services that they want. This business is growing rapidly as well. If I can take you across to slide 10, you will see that we have been growing this business tremendously since 2019. Revenues are up 35%, pre-tax profits up 70% to $4 billion since 2019. A real improvement in the returns in this business. New records across the board. In fact, in 2025, you can see we feel good about year-to-date 2025 off of a record 2024. How have we been doing that? We have been investing in our clients. We have been investing in our capabilities.
We've been investing in our platform and technology, not just to bring new products to bear, but to make sure that it's resilient. Our clients, when they deal with us, want to make sure that our platform is strong and resilient. We've been bringing more financial resources. You can see that a little bit on the left-hand side of the slide with more balance sheet and more liquidity. We've been building a team and a platform who are getting up every day, making sure that we can deliver. On this platform for ourselves and for our clients, leveraging that country leadership that we have. We've been doing this. We think we know how to do it. Importantly, I wanted to touch on slide 11 that we see very good growth opportunities for further growth in the international space. The international feed pools are very material.
You can see that on the slide there. We feel that these feed pools will continue to grow. There are fewer of us that are able to tackle these feed pools for our clients. We are well placed to take advantage of those. You have clients in the capital market space, in the investing space that are really thinking through every day how they move pools of capital around, looking for institutions at scale to execute on those capital flows for them. If you take Japan, you take Australia. In fact, most of Asia generates way more savings than they can consume. They end up exporting a lot of capital. I would say that we and very few others are very well placed, given our strength as a really effectively data-based safe intermediary, to intermediate those flows. On the corporate side.
Sort of the trade flows you see there is a study's projection of where those trade flows might be. If you're a corporate or CEO, you're thinking, "Where should I make my next investment?" Are you also thinking about the resiliency of your supply chain? Again, we're really well set up to help with our thought leadership, with our corporate banking, with our payments solutions for each of those corporates. At the bottom of the slide, we see further specific opportunities, whether it's Middle Eastern sovereign wealth funds, whether it's Germany moving away from its dead break and thinking through where its economy might be, or take India, the fifth largest economy in our $3.5 trillion economy, looking to grow to $5 trillion. We have been in India for 60 years, and we cover over 500 multinational companies in India. So guess what?
As new multinationals are coming in, or as they're thinking through how they manage their cash, how they manage their treasury function, and how they think through liquidity and other liability management solutions, we're there for them. Moving on to slide 12. This is our ambition for the international business. We believe that we can grow this business over the medium term by a further $4 billion. We think we can drop $2 billion. We can grow pre-tax profits by $2 billion. We see a lot of the international revenue growth dropping through to the bottom line. We think that we can achieve over the medium term an ROAC of that business. You saw it earlier in the slide from just about 13%- 18%. How are we going to do that? We're going to grow our core client base.
We're going to grow our subsidiary and middle market business. I'll touch on that, investing in our GPS business, taking market share, growing our Global Markets business. Why do we think we can do it? Because we have been doing it over the last period of time. We're investing in the platform. We think there are fewer competitors, and we think that there's greater demand from our clients. We see a lot of opportunities everywhere. What I thought I'd do is touch on three or four of those before I wrap up. Slide 13. The large corporate Investment Banking clients. Matthew talked through a lot of this. I won't go through it all, but we want to do more with those clients. We want to do more products and be in more countries.
You'll have seen from the earlier slides and from this slide that we've been able to onboard a lot of these clients as we've really been more aggressive and more focused about taking our proposition out to them. We're finding tremendous growth opportunities. In fact, for the targets that we set for this year in terms of new clients, we've already exceeded those targets. That's really tremendous work from all of our colleagues. If we go across to the next slide, you'll see that here we're talking about the commercial banking business that Wendy talked through. Again, she talked through the international opportunities there. She and I think that we can make an extra $1 billion in this business outside the U.S. In fact, this is a business where the clients are already ours. That initial conversation is not so difficult.
Actually, furthermore, keep in mind, there are a lot of global commercial banking-type clients in the U.S. who are not clients of ours, clients of other banks who do not have an international footprint like we do. There is no reason why we cannot go after that business. If we move across to slide 15, I touched on this briefly earlier. This is a really nascent effort that we are excited about. Two, three years ago, we have been thinking through whether we can cover middle market companies outside the U.S. Two, three years ago, we saw an opportunity in Switzerland. You may have heard that the competitive dynamics there changed a little bit two, three years ago. We have been very successful in really our Swiss pilot in offering incredible global market commercial banking services to Swiss clients. We are taking that effort.
We've onboarded a few clients there, and we're taking that across very deliberately to the U.K., Ireland, Germany, and that will continue over the next period of time. Our next slide on slide 16 talks through GPS, and you'll hear more from Mark in a minute on that. It's a tremendous differentiator, tremendous product set for those corporates thinking through. With the various treasuries and thinking through what their liquidity demands are, access, control, visibility over their liquidity needs. We're taking this global and making it local. We're driving our global opportunity, and we're saying, for example, in the payments space, I was proud that we were the first U.S. bank to be compliant with the European SEPA payments area, which is a single European payments area. That's just one example of narrowing it down and having some specificity from the global to the local, as it were.
If I can go across to slide 17. This is our Global Markets. Opportunity, $2 billion-$3 billion opportunity in this space. Jimmy touched on that. We have been doing well in this space. We have been growing market share. We have been investing at pace relentlessly. We have been onboarding more clients. We have been cross-selling. We have been taking that fixed income product to more of the corporate clients that we're seeing. We absolutely believe that this is a business that we can absolutely continue to gain market share and drive more opportunities. The feed pools are significant in Europe and in Asia. Being able to cross-fertilize those feed pools across different regions makes a big difference to our clients. My last but one slide, and probably one of the more important ones, is slide 18. This is really the group of country executives I talked about.
Leadership matters, and local leadership matters. We have to be global, and we have to be local. We have to be always executing. We have to manage the complexity of what we're delivering to our clients. This is the group that sits at the center of that strategy. They're very experienced, average 10 or 15 years. They navigate complexity. They drive opportunities. They ensure that our resources are in the right place. They allow us at the top of the house to coordinate those resources. They have a winning culture. There's a focus on this. There's an intensity about delivering in terms of our business internationally. This is a group that we lean on to allow us to stitch it all together, make sure that we're coherent in each of the countries that we're in, and make sure that everything works for us across our international business.
To wrap up, I hope what I've been able to do is to really share with you our incredible international business and to share with you the opportunities that we see in that business. We think that this is a great balanced business with incredible resources. We think there are very few, maybe one or two institutions that have this international capability and the US capability that we have. We believe that we can grow this business further. Why? Because we believe that we've done so. We know how to do it. We think there's more demand for our services. We've been investing in this business. We think that the opportunities are there for more. We expect over the next period of time to drive $4 billion in revenues, drive another $2 billion in profits, drive strong ROAC growth.
We expect our international platform to be a terrific engine of growth for Bank of America over the next period of time. With that, I'll pass across to Jeff Busconi. I'll let you guys come up.
All right. We're going to change up the format here. Just give us 30 seconds while we do a quick set change and bring up the chairs, and then we'll get going here. Do a panel for the next hour or so. I think we're good. Come on up, guys. Okay. Good afternoon, everyone. My name is Jeff Busconi. I'm the Head of Corporate Strategy. You've heard today about our eight lines of business. We've discussed opportunities we see for growth. We've discussed our plans to continue improving our returns. We just talked about how we deliver locally in the U.S. and internationally across the world.
What this segment is going to focus on is actually four key platforms that enable the activities of our clients: payments, technology, operations, and marketing and digital. If you look at slide 2. You can see how we position these major platforms really as horizontal capabilities supporting our four major business segments. You'll see these are very large and strategic platforms. They've been built through many years and through billions of dollars of investment. They're built for scale. They're built to be never down. They are built to operate across various geographies, jurisdictions, and regulatory bodies. Simply put, these are very difficult to replicate. For the panel, what we're going to do up here is first have each of these leaders describe their respective platforms. They're going to share with you and give you a sense of the size and scale at which we operate.
We'll come to a panel conversation. We'll do some Q&A. During the Q&A, we're really going to hone in on technology, the application of technology, and AI specifically, both how we're applying it today and what we believe about the innovation opportunity that's in front of us. Importantly, we're already deploying AI today across these platforms. This is not a theoretical question for us. We'll show you examples of how AI is working today, right now in these areas. Then we'll talk about how we plan to capitalize as we move forward. With that, let me introduce the panel. We have Mark Monaco, our Head of Global Payment Solutions. We have Hari Gopal Krishnan, our Chief Technology and Information Officer, Tom Scrivener, our Chief Operations Officer, and David Tyrie, our Chief Marketing and Digital Officer.
With that, let's start with Mark for an overview of Global Payment Solutions.
Good afternoon, everyone. It is a pleasure to be here today to talk to you about Bank of America's Global Payment Solutions platform, or GPS. The GPS platform supports all eight of our lines of business and generates $11 billion in annual revenue. Importantly, it also serves as the anchor for our $2 trillion of deposits and those core operating accounts that both Brian and Holly emphasized. Within GPS, we're guided by a clear mission, and that is to develop and deliver a robust set of payment solutions so individuals, companies, and institutions choose us for their transaction banking and cash management needs. Our suite of products includes a full range of liquidity, payments, collections, merchant services, trade, and supply chain finance solutions.
We deliver on our mission by supporting our clients with our size, scale, and global consistency, by innovating to meet client evolving needs, and by driving digital engagement across both client activity and service, and increasingly harnessing data and AI to grow revenue, improve productivity, and enhance the client experience. Moving to slide three. We are one of the only companies in the industry with a truly differentiated payments platform built on two unique complementary strengths. This creates a powerful engine for growth. The first of those strengths is a global network that Bernie just described that meets clients where they are, where they want to be. Think global connectivity with local expertise and capabilities. The second key strength is our leading market positions in the US in both consumer and small Business Banking and corporate and Investment Banking. Together, these two strengths.
Make us a gateway for the thousands of U.S. corporations as they go around the world, and also a gateway for foreign domiciled companies as they come to the U.S., which, of course, is the largest economy in the world. This puts us in a unique position to serve the full range of client needs that only a few competitors can come close to matching. We operate in 44 jurisdictions, which essentially covers all of the world's addressable GDP. We're also fortunate to have over 70% of the global Fortune 500 as clients. We're a leader in both consumer and commercial payments. On behalf of individuals, in 2024, we processed over $4 trillion in payment value. For companies and institutions, this number was over $450 trillion. That's close to $2 trillion a day. 33,000 of our corporate clients use our payment services.
In fact, our clients authorized over $1 trillion in payments alone through our CashPro mobile app last year. We also, as you've heard from my colleagues, continuously receive global recognition as a leader in the market. Greenwich Coalition recognized us as the number one share leader in corporate cash management and number one for our strong digital platforms, just to highlight a few. Transitioning to slide four. I've highlighted the size and scale and leading market position of our payments business. To fully unlock the potential of our platform and accelerate growth, we must continue to meet client needs both today and as they evolve in the future. As this audience knows well, the payment space is constantly transforming. To win and stay ahead, providers must continually invest in client-centric innovation. Bank of America has a long track record of leading payments innovation.
From pioneering the credit card and launching new payment networks in the 1950s and 1960s to introducing online banking for both consumers and corporates in the early 2000s to enabling real-time peer-to-peer payments with Zelle in 2017, and most recently deploying AI-driven features, our commitment to innovation has always been rooted in meeting client needs. To that end, we invest $1 billion annually in payments technology. These investments drive revenue growth through higher client balances. They create new fee revenue streams. They expand margins and improve productivity. Importantly, they attract new clients to the platform. As expectations continue to rise, sustained leadership will require not only the deep client relationships we have but robust distribution capabilities and the financial strength to invest at scale in next-generation technologies. We are uniquely positioned to continue to deliver on this. Moving to slide five. We just discussed the importance of innovation.
CashPro, as you've heard earlier, is a prime example of how we invest to drive revenue growth, deepen client engagement, and expand our market share. We see this—oh, sorry—CashPro is our unique flagship digital platform and a key differentiator of Bank of America. Wendy and Katy talked about this. It empowers clients to optimize their treasury operations through a seamless and scalable experience. We see this across our more than 35,000 clients that use the platform in over 145 jurisdictions. CashPro is available in 11 languages and integrates with more than 70 leading treasury management and ERP systems. This makes CashPro one of the most globally connected platforms in the industry. Beyond this functionality, CashPro drives recurring revenue and deposit growth. In 2024, CashPro generated over $1 billion in revenue. Since 2019, it's contributed to our over 65% growth in Global Banking deposits, which now well exceeds $600 billion.
Our commercial deposits market share has increased from 15% to 18% during this time period. We're gaining share. With continued investment in the service experience and expanded capabilities, we have significant runway to drive incremental revenue growth. Moving to slide six. To wrap up, our payments platform is a strategic growth engine for Bank of America. As I mentioned, it drives $11 billion of high-margin, recurring revenue and drives client engagement and loyalty. Our size, scale, global reach, and powerful consumer and commercial franchises deliver a unique value proposition which is nearly impossible to replicate. Through our commitment to continuous innovation and our commitment to investing in technology at scale, we've established a sustainable competitive advantage positioning us to continue to deliver on growth. Thanks, Jeff. I'll now pass it to Hari Gopal Krishnan.
Thank you, Mark.
My name is Hari Gopal Krishnan, and I lead technology at Bank of America. The three things I would want to convey to you today are: first, we've been steadily increasing our investment in technology every year, now investing $13 billion in the coming year in technology, all driven towards digital and data capabilities that are driven through a culture of innovation. Number two, when we invest in technology, we do it across every line of business. What we do for one line of business will benefit all the lines of businesses. Enterprise scale is something that we focus on. Third, we've already paved the path for commercial implementations of AI that are in market today and also have a significant amount of plans as far as how we're going to do more in embedding AI everywhere across the organization in the coming years.
With that, on slide two, what I want to highlight here is on the right on the chart, you see the $13 billion of investment. $4 billion of that goes into new capabilities, strategic new builds, strategic new capabilities. And just as importantly, the amount we spend on new capabilities has gone up 44% in the last decade. To click one level deeper, I mentioned digital and data being very important to us. Let me talk about data. We've invested $1.5 billion in data in the last five years to organize, collect information and data—transactional data, customer behavioral data, demographic data—across multiple lines of businesses. We now are approaching almost one exabyte of storage. To put that in perspective, I get stressed when I get a document that's in the multiple megabytes. An exabyte is 1 trillion megabytes.
That is the volume of storage that we're processing across the company. Further, that data isn't just sitting around doing nothing. We run today 270 AI machine learning models in production, ranging from fraud. Holly talked about 50% reduction in fraud losses. That is an example of using our data and AI for the purpose of delivering a client outcome. Last but not the least, Bernie talked about the 37 countries and the various jurisdictions we're in. Obviously, being able to be compliant with the data rules and regs is critical and very hard to replicate when you look at volume at that scale. The next slide. Now, all that investment in technology has resulted in a significant increase in client activity as our clients engage with us at higher levels of frequency. What you see on the slide is double and triple-digit growth across every line of business.
To give you a perspective of why that matters and why it's good for us, if I just call out the top row, middle column, the Zelle volumes being up. The reason it's important is we now have clients that send Zelle volumes at 3.4x as checks. That makes it less expensive for us, lower fraud, and greater customer experience, three wins in a row. That is what you'll see with all these things. Just all these increasing volume actually results in better outcomes for us at the end of the day. On the right-hand side of the page, you see the incremental investment in storage. I already alluded to it: 50% more releases so we can give our clients more enhancements and more features, and a 28% increase in our CPUs and GPUs, the compute activity that we conduct for our most complex quantitative models.
On the next slide, what we do is we go at this with a culture of innovation which we think is unique. On the left-hand side of the page, you see the patents we've been granted over the last few years. Not surprisingly, it's focused on AI, machine learning, data, payments, digital. Those are the areas we're investing a significant amount of focus and attention on. The middle chart shows you that as our investments in new technology and growth have increased, so have our patents. We're seeing that innovation is being applied in a commercial sense, and that has then resulted in this patent growth. At the bottom of this page, I would also call out the 8,200+ inventors we have at the company. We don't believe we have five people sitting in the corner inventing things.
Every one of our teammates has empowerment to have the culture of innovation, can come up with an idea, and work on getting it to market and commercialized, which is what's resulting in these outcomes you see on this page. The final thing is I've highlighted a few of the technology awards that just most recently in the past quarter we received. Always great to be recognized by the industry for the work our team does. On the next slide, we'll talk about a couple of examples of enterprise-level scale of how we deliver solutions. We've talked a lot about Erica here. I hope that you had a chance to take a look at the demo during lunch. Erica started its life as a small language model, open-source-based small language model that we optimized for the financial ontology for Consumer Bank.
That has now been served 3 billion times. 3 billion clients' interactions have gone through Erica. We felt we could actually use the same platform to multiple businesses, and that is why you have seen it expand now into Global Banking and further into our all-employee base where employees now use Erica to deal with day-to-day needs and intents. Further to that, if you look at our customer relationship management platform, we have 90,000 teammates today across all lines of businesses that engage with a single customer relationship management platform, a single referral engine to Dean's pointer on managing referrals and introductions, and generating these introductions across lines of businesses. Just this year so far, 10 million client introductions. The last thing on this page is document intelligence. We store billions and billions of documents on behalf of our clients.
Now that we store them, we now have the opportunity, Tom and I working on a number of projects, to gain more intelligence out of them, get a better customer experience, optimize workflow, optimize processes leveraging AI. It sets up the foundation for the next iteration of work from a document management space. On the next page, we get to AI. Really, I've already covered a bit of what happened with Erica on the first part, which is the AI agent, 3 billion transactions since then grown. We have moved past that to have a model-agnostic approach where we're using state-of-the-art large language models, both open-source and proprietary models, on-prem and on cloud to deliver value for our teammates.
We have 3,000 teammates in markets today that use search and summarization capabilities to look at market commentary, to look at research, and to be able to change their day-to-day workflows in the back of it. In Mark's space, we have a platform called AskGPS. Again, hopefully, you had a chance to see it at lunch, where payment professionals can look at it to easily get access to policies and procedures across the globe. Further on, on content generations, every one of our relationship banking teams can now use a generative AI model to generate a first version of a client meeting prep using on-us/off-us data that saves hours of time. The hours of time they save can then be used to deepen the prospects, which is what you saw about the off-us opportunity that all the lines of business leaders talked about.
Freeing up time to then go after the high-value opportunities. In operations, we have front-to-back chatbots that help simplify the trade lifecycle and help diagnose issues upfront. In software development, we have 18,000 developers at the company that use coding agents today to optimize our development process. On the next slide, we track everything we do. We have metrics. We track it. Just a couple of examples here. You see on the top left the Erica growth from 0 to 3 billion. On the bottom right, I would call out our similar work we have done for our software development team. Again, as I mentioned, 18,000 developers optimizing key parts of the coding lifecycle. We have already seen 20% productivity coming out of those parts of the lifecycle, which we are now reinvesting next year into new growth programs.
That is something you will hear from us over and over again: modernize the backbook, modernize our run-of-the-bank activities so we can then free up more for strategic growth. To close out, I would leave you with three numbers: 1, 3, and 4. One, which is the 1 exabyte of storage that we manage of our client data that we can now use to help get better customer experience for them; three, which is the 3 billion interactions, AI interactions we have learned from over the years; and four, which is $4 billion we are going to spend next year to go make this all better. With that, Tom.
Thank you very much, Hari. Good afternoon. Thank you to all of you for having the stamina to still be here at this point of the day. Hopefully, you enjoy our Q&A a little bit later.
I want to talk a little bit about what operations Tom Scrivener, Chief Operations Executive, want to talk a little bit about what operations enables for all of our clients. We'll flip to the next slide. Bottom line, between Hari's technology and my operations teammates, we do everything on this slide. We enable all the things that you've heard about today from all of my teammates. If you want to send a payment, we process the wires. We process the checks. We process the ACH payments. If you have a loan, we apply your payments. We address your service requests. If you have a credit card—hopefully, you all have a Bank of America credit card in your wallet—we program that chip. We stamp that card. We make sure that it all works. When you get it, you can go spend some money.
Finally, if you buy any stocks, we're ultimately going to make sure those securities get into your account. We're going to make sure we get the money from you. We reconcile, we clear, and we trade. All the stuff on this slide. Next page. The reason I love this slide is really the top row. Thirty-four thousand people in 32 countries and jurisdictions. It's a massive operation. You might say, "Tom, how do you know that it's working every single day?" The reason I know it's working every single day is because we have a disciplined management system that's made up of almost 7,000 metrics across all aspects of what we deliver for our clients.
We are monitoring those metrics constantly, looking for any sign of issues so we can make sure that we can continue to deliver for our clients and customers every single day. There are some great stats on here. I'll say a few for fun: $1.9 trillion in wire payments every single day, 81 million Global Markets transactions every single day. On an annual basis, 1.6 billion checks processed and declining thanks to Zelle, 1.1 billion in statements delivered. A massive operation that has to execute every single day flawlessly for our customers and clients. Next slide. A lot on here. Just look at the top and look at the second box from the left. The management system that I described for how I manage operations exists across the entire enterprise. Across the whole firm, we've taken all the work that our people do, and we have organized it into.
3,700 processes. Why does this matter to you? Why should you get excited by that? The answer is, if you want us to innovate, if we want to have a better efficiency ratio, we cannot deploy new technology to help our teammates unless we understand exactly what our teammates do. It all starts with this management system. It all starts with 3,700 processes mapped in detail, 55,000 individual activities. We know exactly how the work is done, which is what allows us to ultimately deliver innovation, make things faster, make things better, and we will never stop doing that. David Tyrie.
Thank you, Tom. Okay, five minutes, two things. I'll hit purpose of digital and marketing. I'll take you on a journey across the components of the flywheel of digital marketing.
Then when we get into the Q&A, I'll try to bring that flywheel to life for you. Let's start with slide number two, and I'm going to ground you in our purpose. The team across the board is here to amplify the growth potential of every line of business. We're here to make sure that we're delivering more effective and efficient capabilities across the board. We do three things come together to do that. We leverage data. We leverage the digital experiences that we create. We also leverage one of the world's greatest brands that is out there. If you flip to slide three, let's take a spin around the wheel. There are five components to it. We'll do four stops. Start where Hari started, data. It's the centerpiece, right? Think about, from our lens, think about data as the behaviors and transactions.
That our customers leave behind that become understanding, right? That's a really important piece of it. If you look on the outside, the dark blue piece of things, you'll see our capabilities have been built on decades of longitudinal data, more than $2 trillion client data points, 49 billion transactions. Hari said 900+ petabytes of data. Here's the key on this one. It's not just stored data. We use it. We use it every single day. You're going to hear us talk about the word activate. When you hear activate, what we're talking about is activating the data to get the right solutions to the right customers at the right time. Brian mentioned it at the beginning, the moments that matter. For our businesses that are consumer-facing, that's new homes, new jobs, having a kid.
On the business side of things, that's things like refinancing, expansion, capital raises across the board, business inflection points. The bottom line on the data is that it gives us the ability to activate a better client experience and better business outcomes. Number two, keeping us on the same slide, the digital experiences. This one's near and dear to my heart. Think about this as where our brand lives every single day. The team is focused day in and day out on making the digital experiences across all lines of business easier, more convenient, and safer. If we do that, we can exceed client expectations and we can earn trust across the board. The numbers on the outside, 79% of our households have adopted digitally and are digitally active. 81% are using digital as our self-service vehicle that is there.
66%, Holly talked about, of the sales and consumer are digital. Sharon talked 35% on the business side of things. All of that wrapped together is industry-high satisfaction levels in digital of 85%. I look at those numbers, super proud of what we've done over the years, but I see lots of upside for us, right? Dean mentioned that plus a 1 billion+ logins on a monthly basis, I think about it differently. I don't think about it as logins. I think of that as 14 billion times in a year, we're providing our customers the ability to get some sort of information they were looking for, give them advice and guidance, essentially value at scale. Digital has become a core part of the value proposition. I would submit that in the future, it's going to be even more important.
If you put a business lens on digital, it's about enabling frequent, low-cost, high-impact interactions that give us unmatched reach and also unmatched trust that Brian talked about. I'm going to say it a different way for those people looking for a quick little tagline, right? We have unlocked the ability for customers to interact with us as much as they want at a lower cost. That's the key on the digital side of things. I'm going to go to number three, which is marketing. Marketing is where this intelligence meets action across the board. We're listening to customers every single day. We're trying to deliver better service through those listenings. We're offering help that's timely, relevant, and focused on what I said matters most. This is a new standard in marketing. I call this hyper-personalization. You can't do it without AI.
We're right on the forefront of all of this across the board. I'm going to talk a little bit more about Erica, and that's going to be a common theme here. I see Erica as a new form of marketing delivery. I'll hopefully show you that a little bit later on. There's a different lens. That's a customer lens. If you put an internal lens on marketing and the new applications of AI, we have applied 30 models that Hari and team have built and created one marketing simulator. That simulator is designed to help us figure out the best ROI on a marketing dollar that we spend out there. By applying those models, we can run our marketing operations more effectively and efficiently across the board.
Think about the work that marketing's team do, working with the businesses on planning, creating targeting capabilities, going out there and executing all of the stuff that happens every single day. It makes it much more efficient. We're actually seeing in the early stages 60% higher conversion rates on our campaigns that we're doing. We're getting greater reach for the same amount of dollars that we're spending out there. In our team alone, we're looking at 29,000 man-hours saved because of the work that we're doing on this side, all right? Now I'm going to end, and I'm going to combine four and five, talk about partnerships and brand. I think about this as where we meet people. Where in moments that matters most, okay? Our brand, and you've heard it, our brand shows up on a global basis, and it shows up in the local marketplaces.
You're talking, and I'll talk a little bit later, from the World Cup on a global basis down to the Museums on Us program that we have, which connects communities together. The thing that I'll talk about later about this partnerships and the brand is that these aren't sponsorships. Right? These are new and important access points for our clients and our prospects for us. They move us well beyond the financial service category, and they create emotional connections that drive loyalty and help us with the relationship deepening. I'm going to close my section here by having you focus on the center of this circle because these are five outcomes that the team drives. We try to strive for smarter decisions, deeper engagement, personalized experiences, broader reach than we've had before, and then ultimately lasting loyalty. I'm going to turn it back over to you, Jeff.
All right. Thanks, David. Thank you, guys. All right. Now we're going to turn to the Q&A portion here. As I said, we're going to focus this piece on really the application of technology across these areas and how it's impacting them and what we see going forward. Actually, I want to start with Erica, actually. Hari talked about it. David, you talked about it. We're going to pull the string on it here. Erica was first put into use in 2018, and it was developed because we were looking for a more efficient way to allow our customers to ask questions and get answers. Since then, it's evolved into a much, much more sophisticated language model. We're going to get into that and unpack that a bit. David, I want to start with you.
In your role as head of digital, talk a little bit about the digital journey and the role of Erica specifically.
Sure. Let me talk journey first, then I'll go into the Erica piece of things. I kind of tried to establish a basis that it's all about listening to our customers to serve them better in digital. The digital transformation has gone through three successive phases across all the business lines. First, it starts with just engagement and having those capabilities. Second, it moves into the commerce side of things. Now we're moving into this personalization side of it, which is the top level of this. The award-winning platforms that we have started in consumer and have migrated across all lines of business across the board.
I would submit to you again that we are in the very early stages of how digital is transforming banking in the environment that we're in. Erica is a great example, Jeff, right? As Hari mentioned, we launched Erica, and on this slide, you can see in 2018. It was a simple virtual assistant asking basic questions. Today, if you go to the other right-hand side of it, Erica is the fastest path for client answers. The average time somebody has an interaction with Erica is 44 seconds. And 98% of the time, they do not have to go someplace else to follow up on that answer. That is really a proof point on what I said earlier, ease, convenience, and safety across the board. What to watch for? The real evolution on Erica is when we move from reactive to proactive, right? Let me explain.
60% now of Erica's interactions are proactive interactions where Erica is giving suggestions or helping people with their next steps. Holly said it. People look at Erica as a virtual assistant. They're 24/7. The key here, and this is a really important key, especially early in the stages, is Erica is designed to offer choice to our customers. You can choose to interact just with Erica. You could choose to interact with Erica and say, "Hey, listen, I would like to go to a live chat," or, "I want to talk to somebody on the phone," or, "Maybe I should actually go see somebody in person." That's all in one seamless experience that Erica creates for folks across the board. I'll give you a couple of proof points on that. 600,000x during interactions with Erica, Erica has said, "You're better served talking to a live person.
Let's set up an appointment." 600,000 x. 200,000x during interactions, Erica has notified you that, "Oh, you might be a Merrill Lynch customer. You might be a preferred customer, and you haven't taken advantage of our preferred rewards program." Let me tell you about it. Let me enroll you in that. That used to be a manual thing. Erica is virtually taking out the friction out of all of that piece. That example that I give you is the definition of high tech and high touch because it cuts across the board.
Yeah. Okay. That is the customer, the front office piece of it. Let's go, Tom, now to the back office side. How has Erica impacted you in your area?
Sure. As everybody's laid out, we started with a simple idea. Let's make things easier for our clients.
If you want to send a Zelle at 2:00 A.M., if you want to send a payment at 2:00 A.M., you can send it at 2:00 A.M. What started with, "Let's make things very easy for our clients," has been a total game changer for Ops. Two critically important things have happened. One is every single time an answer is given to that customer right away by Erica, or Erica accepts that service request, I know exactly what that request is for, and I can get it directly to the person that can fulfill it. If it doesn't happen automatically, if it's not instantaneous, I can get it directly to the person that can ultimately service that request. Why does that matter? You're cutting out the middleman. Think about call centers.
If every single one of the requests that David just went through had been handled by my team, I would have needed 11,000 more people. It would have required 11,000 more people to take those requests in the old-fashioned way. Think about the impact that has. So much more help for the customers without having to add all those people. The second thing that Erica has delivered is something I love. Standardized data. Standardized data is the most beautiful thing ever. Why? Because if the customer request comes in, and I already have the exact data that we need to ultimately service it, I can turn around and I can work with Hari's team to deliver straight-through processing, which means nobody has to be involved. Or I can deliver that data directly to the teammate who can service that request right away.
That standardized data that we're getting through Erica, that is just such a huge win for ops. It has been a game changer. Because we loved it so much with our customers, we said, "Hey, we got to do more. What else are we going to do?" Next, we went to. We had a big call center, hundreds of people. I think it was run by technology. It was not run by ops, who helped everybody, all 220,000 people at Bank of America, who needed to reset their password, right? Or had to get another application. You have all done it. You know it, right? We basically brought Erica to that need. Now, 54% of all the requests that come in to that group to get some help with their computer, etc., are handled directly by Erica, no involvement.
That's hundreds of people that we no longer needed to do that particular role. Big win. One more example. The thing about being in operations, especially if you're in Jim DeMare's business and market operations, is you're constantly trying to figure out what's up with this trade, what do I need to do to make sure it settles properly, right? I need to go research. I need to go collect data about a particular transaction. The problem is there's a lot of data, and I can't teach every single person in operations how to run a SQL query. What do we do? We've created, effectively, a front-end chatbot that allows those teammates in operations to directly access the data using natural language. This is a game changer. The data is accessible to everybody that much quicker.
No longer do you have to file a ticket with technology to get information. All of this stuff makes our people that much more efficient. I just want to say we're not done. There are so many more places within ops where we got to go. I'll give you one example. We've got a couple hundred people in a call center that help our financial centers. If somebody walks into a financial center and has a really difficult question, our financial center can call us and ask for a little bit of help and how to make sure they service that request. We haven't brought Erica there yet. We will. There's plenty more to do, but the bottom line is it's working, and it's just about us executing and getting it done. Thanks.
All right. We've got front office. We have back office. Hari, what did it take to build all of this?
Yeah. I mean, I think we started by asking our clients, what do they want? And there are three things that they asked for. The first is they said, "Look, you've got 500+ features in this five-inch screen. Make it easier for me to access these things in a human language so I do not have to learn banking talk.
You learn human talk." Second, they said, "Wouldn't it be great if you could actually keep a watch over my financials and give me insights that I don't have to go hunt and peck my card statement at the end of the month, so on and so forth?" The third is, "I'll use all the stuff, but make it easy when I want to talk to a human." Back to David's point about high tech and high touch, that you can seamlessly connect me to a human. Don't make me repeat myself. Don't make me do these things. With that in mind, four things we had to build. First, a natural language engine. Again, back in 2018, where there was really no large language models, a small language model that we still use very productively. Second, data.
We process 7 billion events every week to drive the insights we're talking about to delight the customer. We see something. You see a certain fee is larger than the one you saw last month. A merchant has charged you more this month than last month. These are the kind of insights that make a customer feel like we're watching over their financials for them. The third piece I would call out is a digital-first architecture, which is connect all the channels together. Whether you came in from Erica and you wanted to then talk to someone on the call center, you could seamlessly go across, authenticate. We now have an authentication platform that supports a billion logins a month. Get to the other side. The agent picks up the phone. They know exactly who you are.
They know what you're calling about because you just talked to Erica, and they already are six steps into solving your problem for you. Last but not the least, resiliency and cyber. Once customers start expecting that you're going to be there for them 7x24x365, you have to be there 7x24x365. Being able to scale to volumes, protecting our customers, whether it be security, privacy, those are all fundamental table stakes we had to build.
Thanks, Hari. Okay. Mark, describe how you took what was built by Hari for consumer, used by ops, and expanded it to the commercial side of the business.
The first thing was our commercial customers were jealous of Erica. Yeah, because many of them are consumer customers. It was a natural extension to bring this into CashPro and integrate Erica into CashPro Chat.
It's a great example of how we leverage technology across the enterprise to solve issues, in this case, for our 35,000 clients on the platform. In fall of 2023, we launched CashPro Chat with Erica. Hopefully, you all had a chance to see this at lunchtime. Since launch, we've had tremendous adoption. 70% of clients on the platform have engaged with Chat with Erica. In the third quarter alone, we saw over a 20% increase in year-over-year chats. Increasingly, clients are turning to this solution for help. One of the key points here is what David said in his comments is we've now unlocked essentially unlimited customer interactions. We've turned the traditional service cost curve on its head. It's uncapped, numerous interactions, and we get to learn from it. Today, 40% of our client inquiries are handled through CashPro Chat with Erica.
It's creating real efficiency, not only for clients, but also for the bank. It enables us to handle more clients, more volume, at less cost. We're not done there. As I said, we're continuously learning. We continue to analyze what clients are asking for. In 2026, we're already aiming for adding over 100+ new intents. The model continuously learns and delivers more value for clients.
Okay. Thanks, Mark. Look, we just covered a lot of ground on Erica. What we're really trying to show here is how one model, when it's built well, can scale across multiple areas and have wide-ranging impacts from the front office with David to the back of the house with Tom. In this case, again, one model, three different applications. Customers, consumers, commercial customers, and employees. Doing the work of 11,000 people.
The other important part about Erica is this, and David alluded to it. It allows our customers to interact with us as much as they want without incremental cost to us. It creates incredible economies of scale. Holly, earlier today, when she was talking about consumer, showed how revenues per FTE are up, balances per FTE are up. That is how applied technology like Erica translates into financial results. Again, this is just one model. It's one example. We're investing in many different large language models across the company today. Who knows? In the future, we could actually replace Erica with an even better model. That's a possibility. I want to turn now, actually, to the different types of models that we're investing in today to give you a flavor for what we're doing from a model standpoint and an AI deployment standpoint.
David, we'll start with you on the client engagement side. Talk about how we're using AI around client engagement as well as customer alerts.
Erica's one form of client engagement. Alerts are another. I'm going to talk to you about the texts that pop up on your phone there. Texts started with a simple service tool. Tell me when my balance hits a certain amount, or tell me when my paycheck hits across the board. There is literally nothing exciting about that. If we left it alone, 1987 would be calling and want their strategy back. We didn't. What we did was we took a growth lens and looked at it and said, "Okay, we're going to take our alerts, and we're going to put it on the same platform that we just talked about here.
We're going to use the data and the modelings to turn these things into something that helps customers real-time. That was the theory behind it. Then what we did was we added another layer. We said, "Customers get to choose what kind of alerts. Customers then get to choose that we're going to use their behavioral data to actually find alerts that they don't know about." On each of those scenarios, say, "Hey, I want more of those," or, "I don't want as many of those across the board." As you've heard before, now these are an integral part of our client experience, helping stop fraud, helping people stay on track. What's my next best step? Because a life event just happened across the board. I'll give you three quick proof points on the magnitude of this because we are talking about alerts.
10 petabytes of data, 500+ models that are helping us predict clients' needs, when they need it, and through which channel across the board. We are now distributing 1 billion alerts a month. You have 1 billion logins plus, and you have 1 billion alerts. This has now become a two-way street across the board here. We love the alerts because these outperform the traditional approaches 2x over digital and actually 6x over email. It is becoming one of the fastest adopted features of our entire digital platform with clients.
Thanks, David. Hari, we'll come to you next. You talked about deploying GitHub Copilot to your 18,000 programmers. Talk about the benefits you're seeing from that. Also, your team oversees all of these deployments. Talk a little bit about some of the other models that your team's putting in place across the company.
Sure. As I said, we have 18,000 software developers that use GitHub Copilot today. We use it specifically for software code generation, unit test generation, software modernization. We have seen that for certain specific measured activities, we are seeing a 20% productivity lift in those areas. What we have done is essentially harvested that capacity, and we are putting it back into the investment pool for next year to invest more into the growth agenda, as I mentioned. We are not resting there. We have lots more to cover on technology for technology's sake, intake requirements, design, triage management, autonomous systems, lots to do from a technology perspective. Taking a step back across the enterprise, we have actually deployed a state-of-the-art foundational model that 130,000 of our teammates today use for productivity. They have generated in the last couple of months 4 million prompts.
It's a tool that basically is available and will be available across the enterprise for everybody to use from a day-in and day-out productivity standpoint. Moving past that, some of the examples you hopefully saw at lunch are tools to help each of the personas that work at the company get more productive. The 3,000 teammates that actually have to do market research and market commentary, being able to use platforms like Orchestra and Optimus that you saw out there to help easily get access to information that would usually take them a lot more time in the past to do. Tools like the client meeting prep tool that looks at revenue, profitability, CRM notes, and other third-party information from others, and be able to pull and aggregate that in a way that's easy to use.
The last example I'll give you of something very exciting on the call centers working with Holly and team is real-time speech-to-text transcription, understand what the client is trying to tell us, summarize it, understand what the intent is so the associate can help them faster, and we can document that entire case in an automated fashion. You can see all these examples that will eventually result in significant expenses that we can look to redeploy. Yeah.
Tom. We hear a lot in the industry about the application of AI around investigations. Talk about. In customer due diligence, talk about exception processing, investigations, and what we're doing in that space.
Sure. The secret for ops is to find an operational pattern that is done in many different places.
Because if we can sort of, if we can crack that particular operational pattern, we're going to get tons and tons of benefit. I am going to drag you into a very detailed example, if you'll bear with me. It is one particular operational pattern that we see all over ops. It is a four-step process. Step one, client inquiry creates a case. It could be a fraud claim, a RegEE claim, an ATM dispute, anything like that. Some sort of inquiry creates a case. Step one. Step two, one of my teammates does a whole bunch of research to try to learn everything they can about that case. Three, they make a decision. Four, they document the heck out of that decision because we got to do that, right? Think about that four-step process.
That four-step process exists all over the bank for so many different types of things. The question is, how do we crack that process in the best way possible? We have had some success already, and there is more success to come. Think about step four, which is documenting the decision. I need that documentation to be consistent, comprehensive, and to survive a lot of scrutiny, all right? We have deployed a large language model to effectively consume the information that the individual has gathered and ultimately create the documentation that we need to make sure that we have it available. We are not allowing the large language model to make the decision. We are not ready to do that. What we are ready to do is use the large language model to augment the work of my teammate. We have successfully done it with step four.
If you think about step two, which is to gather all the information needed to ultimately make that decision. Clearly, we have an opportunity to use data aggregation tools to bring all of the relevant data to the desktop of the teammate so that they can quickly have it there, look at it, research it, and not have to spend a bunch of time gathering it. We're not done. We've done it in some places. We haven't done it in others. We got a lot more work to do there. It is about trying to figure out how to make this teammate the most productive teammate possible by augmenting all the work around that critical decision that we want them to make, at least for now. Thanks.
I heard 80% efficiency. Mark, you've been waiting patiently. Talk about what you're doing in the payment space around AI.
Jeff, we think that within GPS, we're actually at the forefront of using AI in treasury. Right now, we have a half dozen solutions live and in the market today. You saw three of them down at the demos. We're really using AI in two ways. The first is for clients to make faster, smarter decisions. The second is to enhance our associate productivity and, importantly, drive lead generation and sales efficiency. I'm going to just talk very briefly about two examples. The first, CashPro Forecasting. It's really a game changer for corporate treasurers. Historically, cash forecasting is a bit of a black box, yet it's critically important for companies to optimize their working capital. Using machine learning and predictive analysis, CashPro Forecasting dynamically generates real-time forecasts, saving clients time and, importantly, improving precision.
What's really unique here and interesting is the fact that we are taking advantage of something we already have, which is customer data. We have permissioned customer data, and we're a trusted party. The clients don't have to share this data with an outside third party. We have 3,000 clients using CashPro Forecasting now. They've estimated that they have saved more than $250,000 hours a year using it. In the uncertain macroeconomic times that we're living in, clients are also using CashPro Forecasting to run scenarios to strengthen their cash positioning and to make financing decisions. The other example is something we recently launched called AskGPS. Hari referred to it. It's an AI-powered virtual assistant for our GPS employees. What we've done is combined thousands of vetted internal documents, so our associates have access to instant business intelligence.
These are questions that would have taken a lot of time and cross-functional teams to research. I've used this myself to research our multi-currency notional pool capabilities in different jurisdictions. Since we launched this in August, AskGPS has answered over 30,000 queries, and that's growing over 20% a month. 98% of our GPS teammates have used AskGPS. It's not just driving efficiency, as I mentioned in the beginning. It's also helping us generate revenue. This is an area I'm probably most excited about because it's helping us identify product fit, recommend next best solutions for lead generation to have a client conversation. This continues to be a focus area and is going to be an important focus area going forward. We're actively investing to expand AskGPS's reach and sophistication.
Thanks, Mark. Okay. We just gave you a sense of a lot of the AI-related work that's happening at the company. Here's the key takeaway. We are deploying AI in all areas of the company. This is really different from past cycles of innovation where the automation or the digitization was really focused on lower-cost, high-volume areas like operations. Here with AI, the opportunity is much broader. There are many more cost pools to go after, and we're just getting started on those. In addition, there'll be revenue opportunities, revenue benefits, there'll be productivity gains. This is a much broader application than what we've seen in past cycles of innovation. Let's now turn to the future here, and we'll do a quick round of questions. Hari, we'll start with you.
You talked about the $13 billion in annual technology spend, $9 billion on the base, $4 billion in new technology initiatives. You have that to spend year after year after year. Give us a sense of where you see that spend going in the future.
Yeah. I'd call it three buckets of spend. First, obviously, continued optimization of technology, modernizing our footprint, continual renewal, and then being able to generate platforms like AI platforms that can be leveraged across lines of businesses. Second, Tom alluded to this notion of SPI, which is understanding where our processes and activities are. We're going to take those tools and then apply and rinse and repeat them across multiple processes across the company that are highest ROI opportunities for us. The third is I don't think our customers constrain their interactions through what we provide.
The ability for our technology platform to better integrate with broader ecosystems, whether it be merchant ecosystems, financial ecosystems, or even agent ecosystems, is going to be critical for us when you think about the future. I expect our investments to actually make it a much more all-encompassing framework where Erica and other platforms can work across the broader enterprise.
Thanks, Hari. Tom, we'll go to you next. You had talked about how you've gained efficiency in the past in operations. Where do you go next?
Sure. I do not know if you remember David's two-word tagline from earlier, hyper-personalization. I have my own two-word tagline, precision targeting. Here's what I mean by that. We talked earlier that we have 3,600 processes that represent all the work that occurs across the bank. The job for us now is simple. We have to go process by process.
Find the best opportunities available to us to apply the technologies that have now become available to us, right? Find the perfect marriage. Look, we already know where we're seeing benefit. There is already benefit being realized. Report preparation, anytime you're pulling data together and creating a report. Procedure consumption, anytime you got to review a whole bunch of procedures and you got to get the simple three-step thing you got to go do, you've all done that at home. Clearly, huge benefits there. Then document extraction. Clearly, we live in a world of documents and images in the financial industry. How do we get the critical standardized data out of those images so we can actually go enable straight-through processing? We're already seeing huge benefits there. Very specifically, I'll give you two examples.
One is something we call DAISY, but it's effectively we have deployed a large language model to just make OCR better. I don't know. Everybody's heard of OCR, Optical Character Recognition. We've basically just made it a lot better than it ever was before. It's much more accurate. We're getting much better data out of it by effectively combining those tools with a large language model. We're seeing the benefit. We just need to get it deployed across all 3,600 processes, obviously as fast as we can while doing it effectively. We cannot make mistakes. We've got to be there for our customers. We've got to make sure their transactions are right. We're going to go at the right pace. Thanks, Jeff.
Thanks, Tom. Mark, we'll come to you next. Payments is a fast-moving space. Stablecoins, real-time payments.
What do our clients need in the future, and how are we preparing for it?
As you say, Jeff, there's no question payments are moving quickly, both in terms of new technology but also in terms of an increasingly complex and demanding regulatory environment. Clients are demanding all sorts of new things, whether that be 24x7 operations, ability to support ever-increasing volumes, the need to enable more and more different payment methods. It seems like there's a new one every day. All the while, making sure that we can maintain transparency, visibility, and importantly, robust fraud and security protection. We're meeting those demands today, but we're also anticipating them. As I mentioned, we invest $1 billion a year in payments-related technology. This underscores our commitment to meeting those client needs. We're already delivering on those future needs. An example of that is real-time payments.
Our RTP capabilities span 14 major markets right now. Places like PIX in Brazil and UPI in India, and of course, Zelle and RTP in the U.S. We introduced new products, things like GuaranteedFX, AutoFX, Intelligent Payables, just to name a few. These are helping clients manage risk, but importantly, also unlocking new revenue streams for the bank. Looking ahead, we're going to continue to do this, invest in new technologies, things like stablecoins, expanding our use of AI, developing next-generation security and fraud-preventing tools, all with the purpose of enhancing outcomes for clients. We've been delivering on this through the arc of time, and we're going to continue to do it.
David, we'll end with you. You've talked a lot about digital so far. Let's shift, I think it was section five of your wheel on brand and marketing. Talk about what's next from a brand perspective.
Great. Thanks, Jeff. People invest in brand to help people discover you more, to build trust with you, and to choose to stay with you. It's really exciting for me, Jeff, because we've got a whole new level of investment in the brand side of things. Think back to Dean's presentation, that Los Angeles example about the partnerships. I'm going to zero in on the partnership piece of this conversation for a second. We have these partnerships, you can see them behind me, that are at the local level, connecting us to all the different communities. We also have invested in partnerships, and they're iconic, like the Chicago Marathon and the Boston Marathon, which are local at heart, but they've got global reach. The key on these is they generate hundreds of millions a year for charities, and they also have billions in impact on economies.
You can see it on the boards outside. These are things where our brand comes to life. This is where that notion of profit and purpose are sitting side by side, which is core to our brand across the board. The exciting part is the same spirit is for the newest ones we've been doing, like the Masters. Or you're about to see us on the world's biggest stage, the World Cup in 2026. Eight billion people, six billion will watch it, the equivalent of 104 Super Bowls, where you're the only financial service brand that will be front and center across the board. Quickly, I'm going to transition to the last slide here, which is you measure this. We measure this. Brand favorability, why is that important? It's important because when you invest in brand, it translates into faster sales cycles, increased revenue, and reduced attrition.
If you can see from the slide behind me, over the past two years, Bank of America has increased our client favorability 16% and our prospect by 34% across the board. We have just begun, and this is already starting to yield results. I am going to wrap up, Jeff, because I know we are tight on time on this. I am going to end with the fact that we are a service company. We are here to make financial lives better. Everything that we do rolls up into that one question, what would you like the power to do?
Thank you, David. Okay. I will wrap this with three final points that bring together what we talked about. First, it has taken many years and billions of dollars to build these platforms and capabilities. They are incredibly hard to replicate, and they give us incredible economies of scale.
Second, there is substantial opportunity ahead. AI gives us another tool to unlock growth and efficiency in many parts of the company, which have historically not lent themselves to this type of innovation. There is a lot of opportunity ahead here from a growth and efficiency perspective as we deploy AI. Finally, the execution is not easy work. You heard Tom talk about what it takes to operationalize this type of technology. It is not easy work, but we have the quality of people, we have the resources, including the capital resources, and we have the track record to be successful. With that, Mark, Hari, Tom, David, thank you. We are now going to go to a break. When we come back, Alastair is going to go through the financial overview, and we will be back in here at 3:40 P.M. Thank you. Please welcome to the stage, Alastair.
All right, good afternoon, everyone. Let me encourage you just to take your seats. I'm going to start on slide two of our presentation just by reminding our shareholders of what we all own in Bank of America. To go through our future prospects, we have four world-class franchises delivered through our eight lines of business. Each has differentiated capabilities. Working together across the bank, we have distinct competitive advantages. We're highly profitable, and we have substantial growth opportunities across all of our lines of business. Most importantly, we have a significant opportunity to drive growth, returns, and shareholder value from here. Now, slide three reminds everyone of our more recent performance in the third quarter. On the right-hand side, we saw healthy revenue growth across all four major segments, and that drove the 11% revenue growth on the left-hand side.
We maintained our expense discipline at up 5% to create 600 basis points of operating leverage. We saw continued strong credit performance, with provision down quarter over quarter. Those are the elements that combined to drive our net income up 23% and earnings per share up 31%, together with the stronger returns that you can see in the center column. On slide four, we present our historical shareholder model, and this is behind the 10-year period between 2015 to 2024 as we embarked upon responsible growth. Our management team believes that we can create and sustain operating leverage through the cycle. We do that by driving organic growth in excess of GDP while maintaining expense discipline through digital operational excellence improvements and AI. To keep expenses lower than CPI. When we manage risk well, we're able to grow EPS at 10%-12%+ .
We return roughly 30% of our earnings to you through dividends, and the remaining capital not needed to grow the company. We return that to you through share repurchases. Looking forward, we believe we can drive higher returns for shareholders, and I'm going to discuss that later in the presentation. Slide five simply reminds everyone we're scaled, growing, and diversified. We've built a business that offers great diversification across the four large segments of financial services, with 58% of our revenue coming from individuals and Small Businesses and 42% from companies and institutions. You can also see we receive 55% of our revenue from net interest income and 45% from non-interest income. It's this diversification that's really hard to replicate at this scale and that allows us to drive returns across economic and business cycles. Let's turn to slide six to discuss our growth over time.
A lot has happened over the past 10 years with extraordinary events in the economy and in the banking landscape. During that time, our responsible growth strategy has helped us to drive organic growth with our client base, deepening with our existing clients and adding net new clients over time. With that growth has come balances and fees. Here you can see our deposit balances at 6% CAGR on the left-hand side of the chart and loan balances at 4% CAGR on the right-hand side. Net interest income on slide seven has largely followed that organic growth, with the exception for large interest rate movements, and we've seen a 4% CAGR in NII over that period, consistent with similar performance for our largest competitors over that same period.
Note also the net interest yield levels we've achieved in the light blue in the period of 2017 to 2019 at 2.4%-2.45%, because I'm going to come back to net interest yield a little bit later on. Here's what's becoming interesting right at the very top right of that chart. We've seen greater growth in NII in 2025 year to date at 6% year-over-year. Let's turn to slide eight for a full year 2025 perspective. Earlier in the year on slide eight, we shared that we expected NII to grow + 6%-7% this year to a new record level. We remain on track three quarters of the way through the year to deliver exactly that. We've benefited in 2025 first from the organic growth, similar to the rate that we've delivered over the past 10 years.
Second, from the benefit of fixed-rate asset repricing. We estimate that the core organic growth here is around 4-5%. The repricing benefit will add approximately $1.2 billion of cumulative NII benefit in the 2025 calendar year, or a positive tailwind of approximately 2% of the 2024 NII base, again, all coming from repricing. We spent most of today talking about the organic growth prospects for our company, and we're very excited about that future opportunity, which we continue to believe can be above industry averages. Now, what I want to do is switch the focus to highlight the future opportunity that comes from fixed-rate asset repricing using slide nine. When we turn to slide nine, we presented this information to remind you of the continued tailwind we anticipate from fixed-rate assets that reprice over time.
Based on today's forward curve, this repricing presents our shareholders with a significant opportunity. As a reminder, the fixed-rate assets on balance sheet include residential mortgages that we originate and that customers pay down in the ordinary course. They also include the mortgage-backed securities and the treasuries that we've designated as hold-to-maturity in our ALM portfolio. In addition, we expect further repricing benefits from cash flow swap hedges at the bottom of this slide that we use to balance interest rate risk. Over the next six years, we anticipate approximately $450 billion-$490 billion of repricings across the aggregate of all of these categories. That represents, obviously, a very significant opportunity for shareholders. Going forward, we anticipate faster NII growth for each of the next six years.
Than you might normally expect from our typical organic growth engine, because we're going to benefit greatly from this fixed-rate asset repricing tailwind for as long as rates remain higher than the fixed rates that we show here. On slide 10, we lay out our expectation for the next five years, and this is based on the current forward curve. We're well on our way to delivering the 6-7% NII growth for 2025 that we anticipated earlier in the year, and we're poised to deliver record NII again in 2026. Looking forward, and in the absence of any major recession, we see no reason for that growth trajectory to change. We show an expectation here that we can grow at a 5-7% CAGR for each of the next five years.
We will benefit from the organic growth opportunity that our line of business leaders have spent their day outlining. We are going to benefit from the fixed-rate asset repricing tailwind. Most importantly, all of that repricing tailwind will drop to the bottom line. It comes with no incremental expense. As a result, it will drive greater operating leverage, higher profitability, and better returns for shareholders. We expect it to persist. To repeat. To add cumulatively for each of the next five-plus years. While NII is at record levels and while it is poised to continue growing, we have also taken steps to reduce our interest rate sensitivity over time. This allows us to protect the higher levels of NII that we are enjoying currently and our future NII trajectory. On slide 11, you can see we have reduced our banking book asset sensitivity quite significantly over time.
We show this exposure relative to an instantaneous parallel shock to the forward interest rate curve of 100 basis points at both the short end and across the curve of longer-term rates. That is a 100 basis point instantaneous move beyond what is already predicted in the forward curve. When we use that measure, if we focus on a rate shock where interest rates move lower, you can see from the lower part of the graph in the darker blue that in 2022, we had approximately $6 billion of risk to a 100 basis point lower shock. Today we have $2.2 billion. As the chart demonstrates, over time, we have narrowed that corridor between up and down rate shocks, and we have reduced the interest rate risk even as we have grown NII.
Our first focus remains on driving net interest income for the company, and we use slide 12 to highlight the net interest yield opportunity that naturally follows as a result of higher NII over time. Here, we anticipate over the medium term, we will get back to 2.3% net interest yield. Longer term, we remain confident we'll get back to the 2.4% level that we enjoyed pre-pandemic and that I showed in the slide earlier. Net interest yield is poised to improve for three reasons. First, it will be driven by the organic growth of the company powering net interest income. Second, we'll benefit from fixed-rate asset repricing benefits over time. Third, we expect to continue to reduce expensive short-term wholesale funding over time, allowing us to be even more efficient with our aggregate balance sheet. On slide 13, we turn to non-interest income.
This is presented as a reminder that our historical non-interest income growth understates the underlying organic growth of the company. Here we show that non-interest income grew from $42.4 billion in 2019 to $45.8 billion in 2024. That growth included two things that I want to highlight on the right-hand side of this slide. First, our decision that we made to reduce insufficient funds and overdraft fees by what turned out to be $1.7 billion over that period of time. That decision allowed us to put our clients' interest first. It allowed us to improve client satisfaction scores, increase client retention, and reduce expense in our service centers. Second, the growth also included the $2.9 billion increase in partnership losses related to our tax credit equity investments over the same period.
When adjusted for those two items, you can see our underlying growth rate was a 4% CAGR through that five-year period. Importantly, both of those items are now in the ongoing run rate. Recently and going forward, we would expect the organic growth to show up in the revenue line more clearly. You can already see that happening on slide 14. Here we provide a more contemporaneous view, that of 2025 year to date. Non-interest income is up 8% year-over-year. We have made good progress in each of the big three fee categories. Investment and brokerage services is up 12%. Sales and trading is up 11%, and Investment Banking is up 10%.
On the right-hand side, we remind you of the key drivers outlined by our line of business leaders in their presentations earlier today and that provide the basis of our confidence in driving non-interest income higher from here. Slide 15 is designed to show the long arc of expense discipline. This five-year period has presented the economy and the banking industry with a series of challenges, especially post-pandemic inflation as it relates to expense. We have managed to keep expense growth to a 4% CAGR during a period when CPI has averaged 4.2%. We have done that when the major three fee categories have CAGRed at 6% during the same period, as you can see in the table down below. We have kept our expense discipline even during a period when the underlying organic growth and the associated compensable revenues have been quite robust.
To put a finer point on this idea of good expense, we know that FA incentive compensation has increased by $1.5 billion over that five-year period, and that obviously comes with good revenue. Over the same period, BC&E in Global Markets and across the company has increased by $800 million. Not only does that come with good revenue, a significant portion of it is also reimbursed by our clients. It shows up in expense, and we're reimbursed for it in the revenue line at the same time. When we adjust that 4% expense growth just for those two elements of what we would think about as being good expense, we would show excellent discipline with core expense growth of just 3%. On slide 16, I just wanted to remind you that we've kept that expense discipline while still investing in our clients and future growth.
We've spent over $50 billion on new technology during the past 15 years, taking our patent portfolio on the right-hand side to over 8,000. As Harry noted, we've been increasing the new initiative investment each year for the past several years to deliver new capabilities to our clients and to handle significant increases in volumes for the transactions that we handle for our clients. Some of the examples you heard earlier in the day are on this slide where we've added over 200 people in Investment Banking to cover middle market companies, more than 300 bankers in Merrill to help us add operating bank accounts, deposits, and loans. We've entered 18 new local markets with new financial centers in each, and we have plans for six more. We've added headcount, balance sheet, and technology in Global Markets to drive future growth.
Still, as a management team, we know it's not enough simply to drive operating leverage. It's also important to maintain our risk discipline. This is another of the distinctive elements of our company. We manage risk well. You can see that on slide 17. Our loan portfolio is balanced between consumer at 41% and commercial at 59%. It's very diversified, as you can see on that pie chart on the left-hand side, and it's very high quality, as you can see on the right-hand side. 79% of our consumer loans are secured. 36% of our consumer loans come from GWIM clients. Our average consumer card line-weighted FICO score is 778. Only 12% have a FICO less than 660. 91% of our commercial loans are investment-grade or secured.
Consequently, we've had the lowest total loan losses of our major peers in 13 of the past 14 Federal Reserve stress tests. Excluding the trust banks, we've performed in the top quartile, so think lowest losses of all banks in each of the past 10 stress tests. On slide 18, we can see how shareholders have benefited from our responsible growth strategy and our risk discipline over the past decade. We're proud of the quality and the consistency of our performance over this period. Most importantly, as it relates to the future, we've taken the past decade to shape our strategy and our client selection to construct a loan portfolio that's designed to deliver in exactly the same way for shareholders going forward. Credit losses have stabilized in the past year. They've returned to levels we saw pre-pandemic, and that we would remind you.
at multi-decade lows for credit loss rates. On the right-hand side, we've provided some perspective of through-the-cycle losses on our portfolio. Given our portfolio mix, we believe over a cycle our total net charge-off ratio will be in the 50-55 basis point range. When we turn to capital on slide 19, you can see our record during the 10-year period from 2015 to 2024. We have a strong track record of generating earnings and delivering capital back to shareholders. We earned $239 billion of net income over this period. You can see in the orange, we invested $60 billion in shareholders' equity to support our growth and capital requirements. We paid $71 billion in dividends, and we repurchased $108 billion in shares. Our company generates significant capital that we can use for the benefit of our clients, the economy, and our shareholders.
On slide 20, we present our current capital position today. We have $203 billion of CET1 capital and a CET1 capital ratio of 11.6% as compared to our regulatory minimum of 10%. Our tangible common equity ratio stands at 6.2%. We have got considerable flexibility to do three things. First, to invest capital to support our clients, to support the economy, and to grow the company from here. Second, we anticipate we will have the opportunity to increase the dividend over time. Third, we will return the excess to shareholders in the form of share buybacks, and especially as the capital rules finalize from here. Slide 21 begins to offer our conclusions by focusing on returns. Here, we have a compelling opportunity to deliver higher returns, and we start on the left-hand side by reminding you of the key drivers we have covered today.
First, we've spent much of the day hearing from our line of business leaders regarding the organic growth business opportunity for our company. We see continued growth coming from adding new clients, deepening with existing clients, and the market share gains that come from having distinctive competitive advantages in each of our lines of business. Second, we anticipate sustaining higher operating leverage. That is going to come from the organic revenue growth we just covered. And the rigorous expense management for which we have rightfully earned a reputation. It will also receive a boost from fixed-rate asset repricing. All of which comes with no additional expense, and all of which will drop to the bottom line. That is not a one-year phenomenon. We expect it to repeat and add cumulatively for each of the next five-plus years.
Third, as we learn the final capital rules, we'll have an opportunity to continue to deploy excess capital for the benefit of shareholders and to further improve shareholder returns. On the right-hand side then, we show our target path for return on tangible common equity. In 2024, we returned 13%. Year to date, in 2025, we've returned 14%. In the most recent quarter, we returned 15%. Over the medium term, we see our return on tangible common equity in the range of 16%-18%, depending upon the economy and the competitive environment. More broadly, we share our medium-term financial targets on slide 22. The blue-chip economic consensus sees a slow growth economy ahead. In that sort of environment, we'd expect our organic growth machine to deliver 4%-5% growth in deposits and loans. Normally, one might expect NII.
To follow in that kind of growth range. We will receive an additional boost from this fixed-rate asset repricing, as we discussed earlier. We see NII compounding at 5%-7% for the next five years, based on today's forward curve and no major recession. That repricing benefit comes with no incremental expense, so the benefits drop to the bottom line, and that in turn boosts the operating leverage. From the 200 basis points we have targeted historically to something that can be 200-300 basis points or more. That in turn will bring our efficiency ratio down below 60% and into the high 50s, and should allow us to drive EPS at 12%+ and return on tangible common equity into the 16%-18% range. I finish on slide 23 where I started. We have four world-class franchises.
We deliver those through eight lines of business. Each has differentiated capabilities, and working together across the bank, we have distinct competitive advantages. We're highly profitable, and we have substantial organic growth opportunities across all of our businesses. Most importantly, we have a significant opportunity to drive growth, returns, and shareholder value from here. All of us are excited to get after that opportunity on your behalf. With that, I'm going to stop, and Brian, I'll turn it over to you.
All right, we're going to get some chairs up here for my colleagues for Q&A, so give us a half a second here. Dean, Jim, Alastair. Come on up. We can do it without chairs. Okay, there we go. Lee. Lee ready to go? Okay.
All right, so we've given you a lot of information today, and I'm sure you might have at least one question. Lee's going to emcee because he's got better eyes than I do, so he can see further out in the crowd. Who'd like to go first? Go ahead, Lee. Call him. Oh. We'll get you a microphone. We got it. Lee, why don't you go down there so you can hand the mic quickly? That would make me.
Did you pick my friend?
He was dying to get back on stage.
He's the shortest he's ever spoken.
No, not yet. Give it a second. Can we turn on Lee's mic and see grass? Okay, go ahead.
Now?
Yep.
Yeah, okay, thanks. All right, first off, Brian, 15 years was worth the wait.
Yep. There's no truth to rumors that Lee started as materials beginning 15 years ago yesterday, so.
No, thank you in all seriousness. Thank you so much for the in-depth look and the opportunity to understand what the operational activities are that drive the outcomes that you are delivering and looking for going forward. I really appreciate that. I would just like to kick off with an understanding of something you mentioned on stage very briefly regarding the expense ratio, right? I mean, one of the clear messages here is that you are looking to bring down the expense ratio, right? To below 60%. I think you used the words in the near term. What does that mean to you, near term?
I guess we consistently define it in three to five years, but that one is more near term than that for sure.
Because look, I was thinking about this the other day. When we hit around 17, 18, 19, and people said, "Are you going to make this all work?" It is NII lifted the challenge that we got from audios. You got to let that come to the bottom line. We did. That will happen again. Each quarter, you're seeing the efficiency of the business coming in. Right now, part of the contribution is coming from our least efficient business, which is a Wealth Management business, which has an efficiency ratio which is good at Avails. It just happens to be the least efficient business we happen to have. Unless you believe the market's going to just keep going, that will start to flatten out.
The NII is going through that business and all the other business kick in, and you should expect to see improvement in the efficiency ratio over the next few quarters into the—and were we 62 in the third quarter? You will see it come down close to 60. We have this fundamental adjustment that is different than everybody else in the way we treat these tax deals that we have explained to you, and that will get adjusted at some point.
Then why keep the return ceiling at 18%? Seems like you could do even better than that. Is that fair?
You will get it all. Do not doubt. You will get it all. I think the challenge is just to make sure that we do not get people too far ahead of us. We just did 15. And.
If you look ahead in the next eight quarters, we ought to reach into that range for sure. By the time you get through the 12th quarter, you ought to be at the top end of that range. Now, when we say that, nobody writes down core economic growth at 2%, no recession. We have to be mindful of that, or no crazy rate environment where they create a rate skin, but you should expect it coming a little faster than the three to five years. By how that comes in. As we look at our three or four plans, we'd see it coming a little faster than that, but you'll get it all. If it comes faster than that even, you'll get it all. Don't worry.
Thank you.
Steven.
All right. Just echoing Betsy's remarks, a lot of great content today.
Thanks to everyone who helped put this together. I know it takes a village. Want to spend some time still on the ROTCE discussion, and I recognize that you want to get to that 16%-18% first, but many of us in the room have built out the simple five-year P&L model. They've reflected the medium-term targets. The output by year four would essentially suggest something closer to 19%, so above the high end of that range. I just wanted to understand. As you're going through that mark-to-market, underwriting the milestones, is that the right interpretation that 16%-18% might not necessarily be the extent of your ambitions, and there could be greater upside potential from there? Just hoping to reconcile the individual medium-term targets with the 16%-18%.
There is no cap to our ambition.
We're not going to do it by taking the capital levels down measurably. Other people are saying, "I'm going to move this up a lot," but they're going to drive the capital levels down. We will use our capital wisely, but we will have a tangible common ratio that sits around 6%. That will build up because at the end of the day, despite what all the regulatory rules, that's one of the measures that the rating agents and others look at us. There's no cap on our ambition. I don't know, Alastair, do you want to?
I was thinking the same thing. I mean, Betsy asked the question about ceiling. We don't think about it as a ceiling. We just think that's a natural step in our evolution. You're building your model.
We obviously think about how we're developing return on tangible common equity over time. We're pretty confident in what we've laid out, obviously. There's occasionally a touch of conservatism that comes into our own because we have to be careful about providing long-term guidance without knowing necessarily, as Brian said, what the forward curve looks like. We don't know what the economy will necessarily look like. We don't know what the capital rules will ultimately finalize at, but we feel really good about that 16%-18% as the next step on our journey. As Brian said, three years from now, we'll have plenty of opportunity to update everybody, and every year we'll have an opportunity to update as we think about whether or not we push that still higher. The ambition is certainly higher. There's no lack of ambition here.
Jim. In the Global Markets area, this is one of the businesses that we've improved pretty dramatically, returns from 10% to 12%-ish to 14%-ish. If you think about how much capital has, so Jim, talk about how you think of driving that from here because at $45-50 billion of capital is a substantial part of the capital base that you got to get up to the closer to the bottom of the range to push the rest through.
Yeah, sure. Steven, we obviously highlighted today some of the opportunities, this $3 billion- $4 billion. The reality of it is, as I tried to demonstrate with the comments on the range of returns, as you continue to optimize your balance sheet usage, capital, so on and so forth, that return profile changes. Obviously, there are market influences to those allocations and then broader company-wide.
Objectives that we're going towards. We didn't show it on the—well, I guess we did show it on the sheet today, but the numbers are closer to 13 than it is to 12. We've been driving it 50 to 60 basis points. Again, we talked about the scale of it, but if you look at the trading businesses alone, forgetting about the lending we discussed plus other securities financing that we do. On trading P&L, $0.75 out of a dollar drops to the bottom line pre-tax. We think we have a lot of leverage there. Go ahead.
All right. Next ques tion. Mike.
It's coming, Mike. Yep.
A lot of KPIs here. You guys accountable and for you guys to hold the line of business heads accountable. That's certainly helpful. I'm just not sure you're going to achieve a lot of those KPIs.
If you look at cards, you go from not much growth to 5% growth. If you look at net new assets and wealth, you go from not so much to 4-5% growth. Maybe you get it in Business Banking, 30% share in every market where you do business. Global Markets from 7.6% up to 9%. I love big, audacious goals, but there's a disconnect between these audacious goals by line of business segment and back to the ROTCE 16%-18%, which isn't so fantastic. How do I reconcile the two? If you do not get some of these line of business goals, do you still feel comfortable with the ROTCE 16%-18%? I have one follow-up.
Thanks. Alastair, you kind of answered that, which is on the conservatism that you're saying.
I mean, every one of the lines of business comes through and thinks through what they believe they can ultimately drive with the kind of investment we're pushing through there now. I think it's entirely natural that each one of them would be ambitious based on confidence in having a distinctive competitive advantage. I always felt that way when I ran one of our lines of business here. What obviously we do as a management team is we sit down, we think about, are every single one of those things all going to come true on the same day? We're going to think about that, and we're going to put a little bit of an overlay on that, Mike, just so that we know.
If one or two of them in any given year, we run a big book, some businesses do well, some do less well that particular year. Are we confident in the aggregate we can deliver that 16%-18%? Yes, we are.
I didn't go ahead.
Yeah, I just want to add, Mike, and the way it works, right? We all have metrics. We have goals. These guys all talked about it, but remember, these aren't just an annual goal we hit. These are things we're looking at every day. Every week, every month, right? If there's something that goes off course, we course correct, we invest more, we do different things, we shift around, but those are the numbers that we believe we have seen good trends. We know where the clients are going. We know where the opportunity is. We put those metrics in.
I would just say we manage it to that level of specificity every single week, every single month. We are driving it all the way through. I have, when we work in Gemini, we are working more and more with the business lines. When we work with them, we go through that in detail. How are you going to get here? How are you going to do this? What are the numbers that build up to it? How many clients? What markets? That is a very detailed process. That is why the business managers, they all feel confident about getting there because they have done it step by step by step all the way through.
I am going to go to Mike here.
C an I get one follow-up?
Yep. Hold on. When you were talking about the. Think about markets, the impact of.
What Sharon talked about when she merged the two businesses together combined with the impact of building out the physical plant. I was talking to, in Cleveland, Thursday or something, or Tuesday, excuse me. If you look there, I think the commercial book grew 12% year-over-year and the Small Business book grew 8% year-over-year. This isn't theoretical. This is what they grew against commercial loan growth, which is half of that. You can see in these markets by just putting more resources with pace in, you can push these things a lot faster. Our goal is to get to 30% in every market of that business. We look at every market. We look at it compared to other markets we're in. We say, for a like-looking market, what resources does this market have that are at that goal or better?
What does this market need? That is where we deploy the people. It is a fairly detailed, a very detailed market by market, person by person, business by business, how many clients they can get, how many referrals will go to them and stuff. That is how we drive it. Those business line leaders would not—they are not sitting up here. They would only be saying it if they really thought they could do it.
I hear your conviction for that one. I think I bet you on the net new assets of 5% in wealth.
I will take your bet. Okay. All right.
I guess it really comes down to it. You have not grown some of these cards, wealth. You are growing customers 2x. What is really changing? You are not going to go out on the risk curve. We know that. You talked about operating leverage.
It really comes down to rigor. I guess the two newly named co-presidents. The hallway chatter, by the way, just so you do not have to read 30 analyst reports that say the same thing tomorrow. It is like the sense of urgency. We do not know if it is going to be 16%. We do not know if it is 18%. We do not know if it is three years. We do not know if it is five years. What is missing, I think, is a sense of urgency that maybe wanted to convey and maybe has not come all the way through. Dean and Jimmy and Brian, and Alastair, for that matter, what is the sense of urgency? How are you going to take a fresh set of eyes from the eight lines of business? How are you going to hold these people accountable and reassure us that you are holding them accountable?
Will we get updates on these metrics like every year, every quarter, the net new assets, the market share numbers? How is the intensity going to change? Because a lot of investors are frustrated over the underperformance of the stock price, and that's one reason for today's Investor Day. How are you improving intensity? Thank you.
All right. Yeah. Go ahead. You can.
I get reports every day, every week, and Gemini are working on all those metrics. I'm going to repeat a little bit. Gemini are working with the lines of business. Where do we have the best opportunities? Where are we falling behind a little bit? How can we course correct? You throw a card a couple of times. That is. Yes, we have not. We're investing more in that business. We're putting more marketing dollars in. We're going more digital.
We're working with our partners on the co-branded side. We know, and we're working with everyone in the financial centers to drive, everyone out in the markets to drive. The sense of urgency is we're meeting every week on that and driving it, and we want to see results, right? Gemini are putting the emphasis on, we want to see results. We want to see your medium-term goals. We want to see your goals for the year. You're going to show us, we're like you. We want a challenge. We want to be skeptical. We want to say, no, no, no. How are we going to get there? Work with me. Take me through this. What do we need? If Gemini needs to step in and do something or Alastair or Brian for that matter, we will make it happen.
That's the level that we're going to be working on, I think.
Yeah, I think. To that point. Good questions. There's a lot of doubt I can hear. I think based on what we showed today, we're just going to have to provide some more clarity on interim metrics to show that we're achieving those. I know part of it comes from, we were talking about it at lunch, so it's a bit of a, are these blue sky or is this baseline and how does that compare to the targets that you've set financially? I think we'll take that back. Brian and Alastair and I haven't talked about it, but Dean and I caught up a little bit, and that's something that's a takeaway for us. I'll take a point a little bit on the markets business. We've grown 110 basis points in market share.
Setting the bar higher, setting the standard higher, I do not think is unreasonable, and I think it is a good challenge for us, just specific back to the markets business. I do think Brian put us in these positions and working with the management team to help drive that rigor and to take a little bit of a load off on him, given everything that is going on. That is what we are going to—that is where our focus is.
Let's take another question. Steve's got the microphone right behind him.
Hi, everybody. Thanks for hosting it. I want to take the flip side of that conversation. When I look at all the slides, the conversation on AI, we listen to the demos downstairs. It appears to me that you guys are among the head of the pack or close to the head of the pack.
Now, when I take that and I look at the 2-300 basis point operating leverage improvement, it seems modest when you layer in the fixed asset repricing, right? That was my view. We took the slides and we said, "ChatGPT, look at these slides and tell us, are these guys downplaying the efficiency gains coming from AI?" It said, "They clearly are, and there are massive structural efficiency improvements coming." We all want to get more interest in bank stocks. That is the message that we get: your stock higher today. The question is, is the opportunity better than the 2-300? Are you playing it down? Because you are not giving the headcount number, which is really the number we need to see. Revenue per head is just clearly moving up. Is this much better than you are letting on? Are you reinvesting more?
I'm just curious why. It seems like the message is held back a bit.
I think, just take the third quarter. 11% revenue growth, 600 basis points operating leverage. That's in a scenario where the markets base revenue. You had 500 basis points expense growth. There'll be a different quarter where markets, Investment Banking, and asset pricing through the Wealth Management business will be different. The expenses will come down. What you have to be able to do is to think about, you want to keep that spread, and that spread will accelerate at times. Other times it'll be a little more compressed because if the markets stay flat for a while, you're not going to get that lift. It's all driven. The key is to think that everybody in our team knows that the NII is going to drop to the bottom line.
That's not there to spend. If you want to create your spending, get it out of the expense base and take it, and we'll redeploy it. You heard Hari talk about 18,000 people using the GitHub, and that's 1,800 people. We're pushing that back in. To push another 1,800 or 10% of the total headcount back in for more work. Why? Because that then starts that wheel. You heard Tom Scrivener talk about what he thought he could do. We're taking part of the savings we're getting from this, investing in another round. Yes, we think it's really got a lot to it. The difference is, and I hope this came out today, is what they tried to make sure that was clear from Erica is this is not a theoretical construct.
I will tell you, it's much harder to do this than people think. It takes the data. It takes the information. If people lose trust in that answer, remember what Tom said to you, 11,000 people have to be put on the phones and the braces tomorrow. Tomorrow. The idea of saying, let's just throw it in ChatGPT and let it give back a conclusion and stuff, or I'll get to throw my credentials and let you. If people lose faith in it, what are they going to do? Pick up the phone. What are they going to do? They're kind of going to see it. It has to be perfect. That's the data. That's the infrastructure. That's seven years understanding what it does, 200 insights to 700 insights, intense, meaning questions it can answer, and then take it to other businesses. It's hard.
I wholly agree with you. It presents opportunity, and hopefully we're clear about that. Heretofore have not been presented. We have 8,000+ people in risk. From the left-hand side of that slide I showed you, the right-hand side of that slide, it's probably twice as many. We have 5,000 people in finance. We have 3,500 people in HR. These are all areas where you haven't had this kind of capability till now. Tom was talking about the 3,700 process. We did that for controls and other things to make sure in our OpEx effort. Now we can sit there and say, you hear inline AI. Model application. You can't do it without knowing every step of your process, and you can't know you're getting anything out of it unless you know how the workflow is.
There is a lot more there, but we are going to use that to just keep driving the competitive advantage we have in the company. Leon.
Hi. Glenn Schorr, Evercore.
Take off.
A follow-up on the markets discussion. You run a good business. If you hit your targets, it is an even better business. There would still be a pretty good gap to the largest peers and some of the biggest buckets. I actually used to think there was a little bit of risk tolerance or intolerance related to that, but what I think I am more hearing is we want to be careful of how much capital we devote there because even when you run it great, you run it at a 13% ROTCE, so we want to balance it at the overall mix. I guess my question is, if that is correct.
Are there specific parts of the business that you have to just forego earnings because they come at lower return on tangible earnings? And as the other businesses hit their targets and earnings improve, can you let out more balance sheet to markets? Because my feeling is that's very achievable. You're just managing to the ROE instead of to the earnings because we make you. I'm just curious to get your thoughts on that discussion.
Yeah. Do you want to?
I can go.
Go ahead, Jeff.
I was just going to say, for the markets business itself. Obviously, the size of the balance sheet and the amount of capital that you deploy is a big influence on the top line number. Some of our peers have balance sheets that are, well, 30-50% higher. Right?
By definition, if you have the economies of scale there, they're going to be dropping more to the bottom line. Part of it is the size of the balance sheet, which we've been working with based on where the company stands today in terms of that allocation. I mean, as far as, and risk is obviously another component of that, what VAR usage you have and what your tolerance level is there. As far as I think Brian or Alastair responding to allocation, that's what we think about allocating of capital. Obviously, under different environments, different businesses perform very differently.
If you think about one of the things, yes, we have taken the balance sheet up $300 billion over the last several years in the markets-related businesses. We'll continue that. It's not a risk question. It is a balance question.
A balance of that and the impact on the return on assets in the company because a 1% return on assets over 6% times recovered equity equals 16% ROTCE. Anything that comes in under 100 basis points, and because of some of the nature of the business and markets, it's always going to come in under that. Because of the competitiveness, it's overnight risk, and especially in the equities and prime brokerage business. You have to think of how do I blend this all together. This is where the GSIB calibration stuff is very important because, frankly, where this resonates in terms of drawing capital in is when. The market's driving a lot of that measurement. The market's inner connectivity.
When you pull 100 basis points from 250-350 or 250-3 and potentially 3 in our company, that's going across a lot of businesses and adding a lot of capital because the market's RWA is $4,500, $465. And the total RWA is $17, and you have to put that against that. That's where you have to work out. It is not a risk. Jim and the team, the new team, they do a great job. They made money every day trading this third quarter and many, many quarters in a row. It's a question of they handle the risk well. They manage the risk well. It's a question if I get it too big, then it'll become an obstacle. The other thing I think you have to think about is if we are getting 12-ish and 13 at the scale we are.
Sixty countries of regulators, millions of quotes and stuff filed. There's a moat around this business that I don't think the people appreciate when people say, "I'm going to get into markets business." It is extremely, extremely costly and difficult. The break-even point, $2.5 billion-$3 billion, $2.5 billion a quarter in expense. You saw Jimmy's chart. You can kind of do the math off of that. He's done a great job. The team's done a great job, but it's more of a balance question than it is a risk appetite. When we grow the rest of the earnings, you're absolutely right. Then you can do that.
The last thing. If I could, the last thing I would say on that is we know there are some businesses within. We show the international growth opportunities. That's clear. Within our global rates business.
We're having a very good year there, which we've been showing. That's a place that we haven't been doing as well. There are components of the equity business that also are a high focus, in addition to just the kind of international market share or opportunity that we showed today. Again, just trying to highlight the fact because it's not a loan on the balance sheet earning a spread over the tenor of that loan, given the dynamic nature of the balance sheet and the shifts that happen within a day, let alone day to day, week to week, that it's a continuous process. We're focused on continuing to drive that higher.
There's a couple of other research analysts that have a question, but I want to offer an opportunity for any of the.
Holders that are in the room to ask a question as well. Before we go back. Peter.
Thank you, Lee, and thank you, team, for a great presentation today. You guys are doing an amazing job. To generate 16-18% on $200 billion of CET1 is quite impressive. It is quite hard to do. My question concerns capital allocation. Our job is to find the highest marginal return to invest in. When I look at your business, consumer at 40% screams opportunity. My question is, why not invest more capital into consumer? Along those lines, why not lend to your customers more, given you have built 90% primacy with repayment preference, but you are only at 30% loan-to-deposit ratio, and it seems like there is an 800 FICO floor on your lending?
Why not go into consumer lending and try to grow the Consumer Business much more aggressively, given it's your highest ROE business? Thank you.
I guess Dean wants you to start on that, and then I'll.
I mean, I think. Overall, yes, I 100% agree. The goal is, as Holly laid out, look, let's get the operating account. Let's move as fast as we can. Let's bring in clients. Let's invest in new markets. Let's invest in our digital. Again, I had up there a number. We have 69 million clients. We have 16,000 people in our financial centers. You do the math, right? We're using a heavy dose of technology and AI to hit as many of those clients as we can to grow those clients, deepen with them, bring in more. I think the question, we are moving, there is no limit.
The resources we're putting into that business. We just want to make sure we're getting the returns. We're making sure we're driving it. We're making sure we're getting the right clients. That's going to drive deposits. On the lending side, yes, I don't know about the 400 and 850. We have a full range of FICO that we go after, and we balance it out in our portfolio. We'll get more aggressive in credit card, which I talked about. You'll see home equity coming back. We'll get more aggressive on the lending side. In GWIM as well, that'll drive that portfolio. I think, yes, there's room to grow there. Yes, there's a lot of opportunity there. Technology will play a huge component as we go, both on the lending side and the deposit side. I think.
Holly's back there somewhere, but I think she would agree. We've got great opportunity. We're investing in the business. We're growing. Yes, we've got some room to run on the portfolio. I would be. Unless you're talking about going deep. Sub-600 FICO, I mean, we stay away from that. Everything above that, we're sort of in. We're in for our clients to be sure.
I think. The capital allocation question really is. Consumer is always about an expense management question. It's never about capital. If they could have 10% more capital tomorrow morning and the returns on it would look great. It's just a question of why would they need it. The RWA is limited. The real question is, how do we not take our eye off the ball?
That cost of deposits, you're dropping by 100 basis points from $400 billion to $900 billion in deposits. That eclipses anything else that they can do is to keep making sure they do that. As the NII comes in the company, here's a company earning $9 billion year to date. You go look at your list of top earning companies, and you'll find out a lot of companies that are in the card business that are pretty big in it don't come close to that. It's a business which that is the definable competitive piece that you've got to hold on to. It's also a thing that we have to make sure we hold on to in the future is the operating account and the deposit base. We'll lend, and we'll do that with our customers, and that'll have a growth rate.
Holly showed you that we're divesting some stuff and playing around, but the core stuff for the customer and card 5% more, the home equity, six quarters, but it's more by the dynamics of market with a number one in that business. It'll come back up to $35 billion. It'll start to peter out again because there's only so much demand for it. Mortgages, $5-$7 billion a quarter, every quarter. There is the loan demand's there. We'll keep driving it, but it's always going to be, as Dean said, sort of driving the customers. The real question, consumer is not a capital allocation question. They could have all the capital they could put to work wisely.
I think we got one more because it's and then we're going to let these four people get out of here and go down and have a drink and some food. Erica.
A ll right. Thank you, Lee. You get a bourbon for today. Lots of man hours.
Don't encourage him.
Just two final questions for me. One is. I wanted to reask the question, Brian, on ROTCE because I actually thought you were more precise than you're getting credit for. I think part of the way the stock reacted today was to the three to five-year timing.
On the CNBC interview that you did today, you said, "We'll achieve the bottom end of the ROTCE range in the next eight quarters and then move into the medium to high end over the next three years," which dovetails with what you said to Betsy, which is you said you'll get to the medium to high end in 12 quarters. I just wanted to clarify that because I think you read well.
That's exactly what I said and exactly what I said before, so
great. You can send that bourbon back, Lee. The second question is, could you maybe talk a little bit of how you're viewing that 200-300 basis points plus leverage walk? Your real comp, to be quite frank, is JPMorgan. When people talk about JPMorgan, they talk about ROTCE, and they talk about revenues.
I don't really get asked about expenses in the detailed way that you get asked. As I think about some of the opportunities that you laid out. Card, for example, which Peter had asked about. The biggest players here are doing more experiential type of offers to their clients, which to your point, Brian, is more expense rather than just RWA. You talk about GWIM. Wirehouse One has really invested in technology and AI and privates, and Wirehouse Three is about to go hire more. How do you balance the need to have positive operating leverage eventually versus the opportunities that could be in front of you and potentially accelerating that?
I think as you think about historically, we had all of you wedded to a nominal expense target in the 2015, 2016, 2017, 2018. And we.
Told you that we were going to flip that to an operating leverage target because we had to grow expenses once we got to a certain level, and we're going to invest and do it. If you think about that headcount chart, it kind of plays that out, right? You see all the headcount came in was for growth. We did that. Then we had this thing called the pandemic that screwed everything up and high inflation. I think what Alastair's slide showed, it was kind of interesting, is the expense actually grew underneath the rate of inflation. When you have your number one expense people, that's a pretty interesting thing.
He showed you further that what's driving the near-term expense in the last couple of years has been a lot of the FA compensation and markets compensation, things which are tied to that revenue growth. If you were going to sit here and say the market's going to go up 20% per year in perpetuity, that would keep going. If you say the market goes up more what your firm would say, then I think that levels off a bit. I think you'll see the expense be a nominal growth because we have to grow expenses to keep investing at this rate. Your colleague's question about taking out more expense. If you think about us growing at 2-3% and revenues 5-6% and get that 200-300 basis point, we're actually probably taking out 1 or 2% expense and actually growing at 4%.
We just have the ability to do that because of the applied technology that I think we do have a lead in how to figure out how to use it. It's a bunch of extremely detailed activities that are not that interesting except for Tom Scrivener did his best to make it fun and exciting, but they make it happen. That operating leverage, I think, is more us trying to signal that we're not going to let the lift in NII, which is lifting a billion dollars year-over-year quarter type of numbers. We're not going to let that be invested because we owe that as we go from the 200 up to the 230 basis points of NIM percentages. We owe that as we get the efficiency ratio down. Once we get out there and it's growing more normal, then.
If revenues grew faster, we'd probably have more to spend on investment. Thanks, guys. Thank you, guys.
Thank you.
Thank you.
All right. Thank you. I just want to close up. Just to be clear, we've got the reception for you all downstairs, some food and conversation. I want to thank Lee McIntyre and the team and Debbie Helberg and her team for putting this all on. At the start of the day, we said we were going to tell you how we're executing. We did that. How much we're investing and where we're investing, we did that. Hally's efforts have driven value and returns, and we did that.
We told you that we were going to show you the talent in this company and the management team, and hopefully you saw the depth of that talent, not just with the people on the stage last, but with all those line of business leaders. They were all going to tell you, we said, those line of business leaders were going to tell you where they're going to take their businesses in the future and what they committed to. Yes, we hold them to those commitments. We said we'd give you a lot of information, the Bible. You got 320 pages with details that most companies never put on a table. And you've got it. Lee and his team are happy to answer questions about it, and we'll make sure that you understand it. We gave you specific line of business targets.
We gave you top of the house targets. So we did all the things we set out to do. We told you we were going to talk about how these platforms are scaled and drive our company's success, our technology platform, our payments platform, our digital platform, our operations teams, and there are many others behind them. We said we'd talk about the advantage of serving clients in a seamless way from birth to death, no matter what they do in their life, from a Small Business to the largest companies in the world, from a first investor to the most sophisticated investors in the world. We told you how we're going to cross those life cycles. We told you how we're going to do it locally with a global impact and globally with a local impact. That is where we are today.
Customer client-driven across the board against an unprecedented customer and client base. Eight lines of business, very profitable already and promised you greater profitability. They're growing and they're promising stronger growth ahead. They're gaining market share, market share in a primary relationship that drives value for your shareholders. They're seamlessly executing along those life cycles, knitting it together in ways people can't. We also showed you today the competitive moats, whether it's the complexity of the markets business running in all those geographies that Bernie and Jimmy talked about, whether it's the core relationship. 90-some % in the Consumer Business, which means we will continue to work with those clients with two-thirds and more than 15 years. Think about that. The cost to serve goes down. Why? Because you don't have the acquisition cost. We talked about the technology, the size, scale, the platform, the investments.
A billion dollars to run that payments platform a year. There are a lot of companies that suppose their competitors that do not have a billion dollars in revenue to spend. Those are competitive moats. We talked about the complexity of operating across these jurisdictions, but why are clients needed? We talked to you about what we are doing, and we talked about it in a question and answer with AI. It gives us an opportunity as a company to apply technology to areas here to afford not apply. We are already doing it. We expect to do more of in the future, which allows us to invest even faster in that technology and that competitive distance. It is another moat. We gave you a lot of the what. What do we do? The key is also why we do it.
That goes back to the question I showed you at the beginning of the day. What would you like the power to do? We ask our clients, our customers that question. We listen for the answer, and we deliver on it. We are a service company. We are here to serve the customers. While we can talk about all kinds of financial numbers, in the end of the day, it is the why we do it. We are here to serve and do a great job for those customers and team does it. Thank you very much. We look forward to seeing you downstairs.