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Bank of America’s Merrill and Private Bank posted a 9% revenue jump to $6.3 bn in Q3 2025, driven by $253 bn in client loans and rising asset inflows.
Bank of America’s wealth management arm reported a record $6.3 billion in revenue for the July‑September quarter, up 9% year‑over‑year, as loan balances to clients climbed 11% to $253 billion and asset inflows surged 10% to $24 billion [2].
| At a glance | |
|---|---|
| Revenue | $6.3 bn (up 9% YoY) |
| Client loan balance | $253 bn (up 11% YoY) |
| Net new assets | $24 bn (up 10% YoY) |
| Banking adoption among Merrill clients | 53% (up 10 pp) |
The $6.3 bn revenue figure eclipses the previous quarterly high and beats analysts’ consensus for a modest increase, according to the earnings call. Executives said the boost came largely from “cross‑selling” banking services—particularly loans—to existing wealth clients. Client loan balances rose to $253 bn, an 11% rise from the same quarter a year earlier, underscoring the effectiveness of this strategy [2].
Merrill and the Private Bank also attracted $24 bn of net new assets in Q3, lifting total assets under management to $2.1 tn, a 13% year‑over‑year gain. Deposits and loans added to this total brought the combined client balances across all Bank of America businesses to $6.4 tn, with $3.9 tn held at Merrill alone [2]. The firms opened 26,000 new bank accounts in the quarter, pushing the share of Merrill clients with a Bank of America account to 53%—up 10 percentage points from a few years ago—and targeting 60% within the next three to four years [2].
Non‑interest expenses rose 6% YoY to $4.6 bn, reflecting “revenue‑related incentives and investments in people,” which offset some of the revenue upside. Despite higher costs, net income for the wealth units climbed 19% to nearly $1.3 bn, indicating that the loan‑driven revenue growth more than compensated for the expense increase [2].
The record revenue highlights how Bank of America is leveraging its extensive banking network to deepen relationships with wealth clients, but rising expenses and a potentially volatile interest‑rate environment pose ongoing challenges to maintaining the growth trajectory.
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AI-assisted synthesis by the TrendWatcher Editorial Desk · sourced from 2 outlets · Jul 9, 2026 · How we report
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