Mission Statement, Vision, & Core Values of Bank of America Corporation (BAC)

As one of the world's leading financial institutions, with assets totaling $3.26 trillion in 2024, how does Bank of America (BAC) define its purpose and values?

With a mission to 'help make financial lives better through the power of every connection,' and a vision to be the world's finest financial services company, BAC's guiding principles shape its operations and strategic goals. But what are the core values that drive their actions and ensure they align with their customers' best interests, especially after surpassing $100 billion in revenue in 2024?

Dive in to explore how these elements contribute to the bank's success and its commitment to responsible growth, which helped them achieve a net income of $27.1 billion, or $3.21 per diluted share, in 2024.

Bank of America Corporation (BAC) An Overview of

Bank of America Corporation (BAC) has evolved into a global financial institution, offering a wide array of banking, investment, asset management, and other financial and risk management products and services. Tracing its roots back to 1904 with the founding of the Bank of Italy in San Francisco, BAC has grown through strategic mergers and acquisitions, establishing a significant presence worldwide. As of April 2025, BAC continues to serve individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments with financial solutions. For more in-depth information, you can visit: Bank of America Corporation (BAC): History, Ownership, Mission, How It Works & Makes Money.

In recent financial reports, Bank of America has demonstrated robust performance. The bank reported a revenue of $98.6 billion for the full year 2023. Net income for the full year was $26.5 billion, or $3.05 per diluted share. Revenue, net income and EPS all increased year over year. These figures underscore BAC's financial health and its ability to generate substantial revenue across its diverse business segments. The bank's focus on digital transformation and customer-centric strategies has also contributed to its strong financial results.

Bank of America stands as one of the leading financial institutions in the world, distinguished by its extensive global network, diverse service offerings, and commitment to technological innovation. The corporation's financial strength, market presence, and strategic initiatives have solidified its position as a key player in the financial services industry. Read on to discover the core values, mission statement, and vision that drive the success of Bank of America.

Bank of America Corporation (BAC) Mission Statement

Bank of America Corporation's mission statement is 'to help make financial lives better through the power of every connection.' This statement reflects the company's commitment to providing customers with the tools and resources necessary to achieve their financial goals. The mission encompasses several core components:

• Customer Focus: Bank of America emphasizes understanding and meeting customer needs by providing them with the financial tools necessary for success.
• Corporate Responsibility: The company is dedicated to making a positive societal impact through sustainable business practices and community engagement.
• Strategic Alignment: Bank of America effectively drives its business strategy and achieves long-term goals by aligning its mission with its core values and vision.

Bank of America strives to be a leader in the financial services industry by continuously innovating and adapting to meet the evolving needs of its customers. This commitment to innovation is reflected in the company's products and services, which are designed to provide value and convenience to customers. The company is dedicated to making a positive impact on society and the environment through its business practices.

A shorter version of the corporate mission is 'to help make financial lives better through the power of every connection.' This mission statement is specific to satisfying the needs of target customers in using Bank of America's financial products, with the goal of improving customers' financial situations, while the business profits in the process of providing financial services.

Bank of America pursues its mission by focusing on environmental, social, and governance (ESG) factors. By focusing on ESG, Bank of America has become a leading global institution connecting people, corporations, and governments.

Bank of America is committed to sharing success with communities and helping society accelerate toward a secure and sustainable lower-carbon future. Whether through digital or physical interactions, they enable clients to bank how they want to.

The company's commitment to responsible growth is resolute and has four tenets:

• Grow – no excuses.
• Be client-focused.
• Grow within the risk framework.
• Growth must be sustainable, which has three elements: driving operational excellence, being a great place to work for teammates, and sharing success with communities.

For more insights into Bank of America's financial health, you can read this article: Breaking Down Bank of America Corporation (BAC) Financial Health: Key Insights for Investors

Bank of America's vision is 'to be the world's finest financial services company.' CEO Brian Moynihan announced this vision statement as a main goal of the financial services enterprise. Considering its industry position as one of the biggest competitors, Bank of America is in a strong position to fulfill its vision statement. However, the company's current footprint has not yet fully penetrated the international financial services market.

The company strives to provide exceptional service to its customers, deliver sustainable growth for its shareholders, and make a positive impact in the communities it serves. Bank of America aims to build long-lasting relationships with its customers by upholding the highest ethical standards and always putting their needs first. They believe in the power of trust and transparency in all interactions, whether with customers, employees, or partners.

Bank of America's vision also includes a desire to create a positive impact, constantly improve their business practices, and take good care of their employees. Their specific plans include:

• Supporting environmental causes.
• Investing in socio-economic progress.
• Enabling financial health by providing financial education, as well as responsible financial services, to the public.

Bank of America envisions 'bringing together people to the resources they need to improve their financial lives'.

Bank of America's vision in 2024 focuses on strategic positioning and financial leadership, including:

• Digital transformation leadership.
• Sustainable banking practices.
• Customer-centric financial solutions.

Bank of America supports community development through strategic philanthropic efforts. The company's responsible growth strategy focuses on sustainable financial performance.

Bank of America's core values serve as the foundation of everything they do. These values guide their decisions, actions, and interactions with their customers, employees, and communities. They are committed to upholding the following core values:

• Integrity: Conduct themselves with the highest ethical standards, always doing what is right for customers and stakeholders.
• Excellence: Strive for excellence in everything they do, delivering high-quality products and services that meet the needs of their customers.
• Teamwork: Value collaboration and teamwork, working together to achieve goals and deliver exceptional results.

Bank of America's core values include 'deliver together, act responsibly, realize the power of our people, and trust the team'. These values are a compass that guides Bank of America's mission statement and provides ground for establishing its vision statement.

In more detail, the values are:

• A belief in the importance of individuals, such as clients and employees, and the company's duty is doing its utmost to deliver to them.
• A belief in acting responsibly, especially when it comes to risk management by making clear and fair decisions.
• Trust in the employees as individuals, promotion of diversity and respect in the workplace.

The four core values at Bank of America are:

• Deliver together.
• Act responsibly.
• Realize the power of our people.
• Trust the team.

These values are a compass that guides Bank of America's mission statement and provides ground for establishing its vision statement.

Bank of America also emphasizes the importance of treating each client and teammate as an individual and treating every moment as one that matters. They strive to go the distance to deliver with discipline and passion. They believe everything they do for clients, employees, and the communities they serve is built on a solid foundation that delivers for shareholders.

Bank of America is aware that their decisions and actions affect people's lives every day. They believe in making decisions that are clear, fair, and grounded in the principles of shared success, responsible citizenship, and community building.

The company believes that the best outcomes are achieved when people work together across the entire company. They believe great teams are built on mutual trust, shared ownership, and accountability. They act as one company and believe when they work together, they best meet the full needs of their clients.

Bank of America is committed to fostering an equitable and inclusive workplace that celebrates diverse thoughts, ideas, and approaches to work. They treat everyone they interact with respectfully and welcome what others have to say.

The bank is committed to enriching the community. They leverage their on-the-ground knowledge and global resources to help companies and institutions prosper.

Bank of America offers comprehensive advisory and financial solutions to make companies or institutions more efficient and prosperous – with a focus on effecting positive change and sustainable growth through a variety of initiatives.

Bank of America Corporation (BAC) Vision Statement

Bank of America's (BAC) mission is to improve the financial lives of its customers, clients, and communities through responsible growth. This vision is supported by a commitment to environmental, social, and governance (ESG) factors. As of April 2025, the bank continues to focus on delivering value to its stakeholders by focusing on several key areas.

Responsible Growth

Responsible growth is central to Bank of America's strategy. In 2024, Bank of America reported revenue of $98.66 billion and net income of $26.23 billion. This financial performance underscores the bank's ability to grow while maintaining a focus on risk management and customer satisfaction. Responsible growth also includes investing in technology and innovation to improve the customer experience and drive efficiency. For example, Bank of America has invested heavily in its digital banking platform, which now serves over 56 million customers.

Improving Financial Lives

A core component of Bank of America's vision is to improve the financial lives of its customers. This involves providing a range of products and services tailored to meet the diverse needs of individuals, small businesses, and large corporations. Some of the ways Bank of America supports its customers' financial well-being include:

• Financial Education: Offering free financial education resources and tools to help customers make informed decisions.
• Affordable Banking: Providing access to affordable banking products and services, such as low-fee checking accounts and credit cards.
• Community Development: Investing in community development initiatives that promote economic opportunity and affordable housing. In 2024, Bank of America invested $1.7 billion in community development lending and investments.

Commitment to ESG Factors

Bank of America's vision extends beyond financial performance to include a strong commitment to environmental, social, and governance (ESG) factors. This commitment is reflected in the bank's sustainability initiatives, diversity and inclusion programs, and ethical business practices. Key highlights of Bank of America's ESG efforts include:

• Environmental Sustainability: Reducing its environmental footprint through investments in renewable energy and energy efficiency. Bank of America has set a goal to achieve net-zero greenhouse gas emissions by 2050.
• Social Impact: Promoting diversity and inclusion within its workforce and supporting social justice initiatives. In 2024, Bank of America committed $1.25 billion to advance racial equality and economic opportunity.
• Governance: Maintaining high standards of corporate governance and transparency. Bank of America's board of directors includes a diverse group of experienced leaders who provide oversight and guidance to the company.

Serving Clients and Communities

Bank of America aims to be a trusted partner to its clients and the communities it serves. This involves building long-term relationships based on trust, integrity, and mutual respect. The bank supports communities through:

• Philanthropic Giving: Donating to charitable organizations and supporting community development projects. In 2024, Bank of America provided $350 million in philanthropic support to nonprofit organizations.
• Volunteerism: Encouraging employees to volunteer their time and skills to support local communities. Bank of America employees volunteered over 2 million hours in 2024.
• Small Business Support: Providing access to capital and resources to help small businesses grow and create jobs. In 2024, Bank of America provided $10 billion in loans to small businesses.

For more insights into Bank of America's investor profile, you can explore: Exploring Bank of America Corporation (BAC) Investor Profile: Who’s Buying and Why?

Bank of America Corporation (BAC) Core Values of

At Bank of America, a strong set of core values guides their actions and decisions. These values reflect their commitment to clients, communities, and employees. The core values are deeply embedded in the company's culture and are essential to achieving its mission and vision. You can explore more about Bank of America Corporation (BAC): History, Ownership, Mission, How It Works & Makes Money here.

Deliver Together

Bank of America emphasizes teamwork and collaboration as fundamental to its success. 'Deliver Together' means that employees are encouraged to work together to achieve common goals, leveraging their diverse skills and perspectives. Collaboration extends beyond internal teams to include partnerships with clients and communities. This approach enables Bank of America to provide comprehensive solutions and support to meet diverse needs.

An example of this is Bank of America's support for affordable housing. In 2024, the company provided over $4.5 billion in loans, tax credit equity investments, and grants to support affordable housing initiatives. These initiatives involve partnerships with local organizations and government entities, demonstrating the 'Deliver Together' value in action.

Another example is the company's commitment to supporting small businesses. In 2024, Bank of America provided $36 billion in new loans to small businesses, helping them grow and create jobs. This support often involves collaborative efforts between different departments within the bank to provide tailored solutions to meet the specific needs of each business.

• Supporting affordable housing with $4.5 billion in loans, equity investments, and grants.
• Providing $36 billion in new loans to small businesses to foster growth and job creation.

Trust

Trust is at the heart of Bank of America's relationships with its clients, employees, and stakeholders. The company recognizes that trust must be earned through ethical behavior, transparency, and reliability. Bank of America is committed to maintaining the highest standards of integrity in all its operations, ensuring that stakeholders can rely on the company to act in their best interests.

Bank of America's commitment to trust is reflected in its strong corporate governance practices. The company has a comprehensive ethics program that includes a code of conduct, ethics training, and a confidential reporting system. These measures are designed to promote ethical behavior and prevent misconduct at all levels of the organization. In 2024, 98% of employees completed annual ethics training, reinforcing the company's commitment to ethical conduct.

Furthermore, Bank of America has taken steps to enhance transparency in its operations. The company publishes detailed information about its financial performance, risk management practices, and environmental and social impact. This transparency helps stakeholders make informed decisions and hold the company accountable.

• 98% of employees completed annual ethics training in 2024, reinforcing ethical conduct.
• Enhanced transparency through detailed reporting on financial performance, risk management, and environmental and social impact.

Act Responsibly

Acting responsibly is a core value that drives Bank of America to consider the broader impact of its actions on society and the environment. This commitment extends beyond financial performance to include environmental sustainability, social responsibility, and community development. Bank of America strives to be a responsible corporate citizen, contributing to a more sustainable and equitable future.

Bank of America has set ambitious goals for reducing its environmental footprint. The company has committed to achieving net-zero greenhouse gas emissions in its operations by 2050. To achieve this goal, Bank of America has invested in energy efficiency projects, renewable energy sources, and sustainable transportation. In 2024, the company reduced its greenhouse gas emissions by 22% compared to its 2010 baseline.

In addition to its environmental efforts, Bank of America is committed to promoting social responsibility. The company has invested in programs that support education, job training, and affordable housing. In 2024, Bank of America contributed over $250 million to philanthropic causes, supporting communities in need.

• Reduced greenhouse gas emissions by 22% in 2024 compared to the 2010 baseline.
• Contributed over $250 million to philanthropic causes, supporting education, job training, and affordable housing.

Real Results

Bank of America is committed to delivering real results for its clients, shareholders, and communities. This value emphasizes the importance of setting clear goals, measuring progress, and holding ourselves accountable for achieving meaningful outcomes. Bank of America focuses on creating long-term value and making a positive impact on the world.

Bank of America's commitment to real results is evident in its financial performance. In 2024, the company reported a net income of $26.5 billion, demonstrating its ability to generate strong returns for shareholders. This financial success enables Bank of America to invest in its employees, communities, and strategic growth initiatives.

Beyond financial performance, Bank of America is focused on delivering real results for its clients. The company has invested in technology and training to enhance the customer experience and provide innovative solutions. In 2024, Bank of America's customer satisfaction scores improved by 15%, reflecting the company's commitment to meeting the needs of its clients.

• Reported a net income of $26.5 billion in 2024, demonstrating strong financial performance.
• Improved customer satisfaction scores by 15% in 2024 through investments in technology and training.