Bank of America changes accounting for tax-advantaged equities; retained earnings down $1.7B

BANK OF AMERICA CORP /DE/

Q3 2025 retained earnings reduced $1.7B; CET1 capital would decrease $2.1B (13 bps).
Noninterest income 2024 revised up $3.969B; income tax expense up $4.128B.
Effective tax rate for Q3 2025 would have been 20.0% vs previously reported 10.4%.
Changes applied retrospectively; annual net income impact described as insignificant.
Reclassifications between noninterest income and income tax expense to align with economic impact.

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