{"slug":"bank-of-america","name":"Bank of America","name_en":"Bank of America","ticker":"BAC","updated_at":"2026-07-10T11:58:40.825+00:00","canonical":"https://valuechain.wiki/bank-of-america","same_as":["https://finance.yahoo.com/quote/BAC","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=70858"],"citable":"밸류체인 그래프 기준 Bank of America의 직접 연결 기업은 2곳(관계 기준 공급 2·매출 0)이고, 사슬을 2차까지 넓히면 2곳에 닿는다. 링크의 근거 출처는 4건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-10 기준).","citable_en":"Per the valuechain.wiki graph, Bank of America is directly linked to 2 companies (2 supply, 0 revenue relationships) and reaches 2 companies within two hops; the links are backed by 4 dated sources, 1 of them primary filings (as of 2026-07-10).","kicker":"미국 2위 은행, 금리 시계 위에서 돈다","kicker_en":"The #2 US bank, running on the interest-rate clock","lead":"뱅크오브아메리카는 자산 기준 미국 2위 은행이자 5위 신용카드 발급사로, 약 6,900만 소비자·소상공인 고객을 둔다. 수익의 핵심은 순이자수익, 즉 대출·증권에서 버는 이자와 예금에 내는 이자의 차이이며, 이 구조 탓에 회사 전체가 금리 사이클에 유독 민감하다. 제로금리 시절 쌓아둔 저금리 채권 장부가 금리 상승 시 평가손을 안는 것이 이 노드의 결정적 위험이다.","lead_en":"Bank of America is the second-largest US bank by assets and the fifth-largest credit card issuer, serving roughly 69 million consumer and small-business clients. Its profit engine is net interest income, the spread between what it earns on loans and securities and what it pays on deposits, which makes the whole franchise unusually rate-sensitive. A large low-yield bond book built up in the zero-rate era sits underwater when yields rise, the defining risk of the node.","segments":{"fy":2025,"parts":[{"desc":"예금·카드·주택/오토. 최대 부문(약 440억). 가장 금리민감","name":"Consumer Banking 소비자금융"},{"desc":"메릴·프라이빗뱅크. 약 249억(수수료 중심)","name":"GWIM 글로벌 자산·투자관리"},{"desc":"기업·상업 대출·IB. AI 데이터센터 대출 노출","name":"Global Banking"},{"desc":"세일즈·트레이딩(FICC·주식). 2025 기록적","name":"Global Markets"}],"total":"자산 기준 미국 2위 은행. FY2025 총순수익 1,131억 달러, 순이자수익(NII) 601억 달러, 순이익 305억 달러. 약 6,900만 소비자 고객.","source":"https://www.sec.gov/Archives/edgar/data/70858/000007085826000157/bac-20251231.htm","concentration":"NII가 매출의 53% → 금리 시계. 제로금리기 쌓은 저금리 채권 장부(HTM 약 5,680억)의 평가손이 금리위험 상징. AI는 기업대출로 간접 노출."},"segments_en":{"fy":2025,"parts":[{"desc":"Deposits, cards, home/auto. Largest segment (~$44B). Most rate-sensitive","name":"Consumer Banking"},{"desc":"Merrill and Private Bank. ~$24.9B, fee-driven","name":"GWIM (Wealth & Investment Mgmt)"},{"desc":"Corporate/commercial lending & IB. Exposure to AI data-center lending","name":"Global Banking"},{"desc":"Sales & trading (FICC/equities). Record 2025","name":"Global Markets"}],"total":"#2 US bank by assets. FY2025 total net revenue $113.1B, net interest income (NII) $60.1B, net income $30.5B. ~69M consumer clients.","source":"https://www.sec.gov/Archives/edgar/data/70858/000007085826000157/bac-20251231.htm","concentration":"NII is 53% of revenue, so it runs on the rate clock. Unrealized losses on its zero-rate-era HTM book (~$568B) are the emblem of bank rate risk. AI exposure is indirect via corporate lending."},"returns_yearly":{"2021":49.6,"2022":-23.8,"2023":4.8,"2024":33.9,"2025":28,"2026":9.7},"return_asof":"2026-07-10","value_chain":{"leading":[],"benefiting":[{"slug":"visa","name":"Visa Inc","name_en":"Visa Inc","tier":1,"returns_yearly":{"2021":-0.3,"2022":-3.4,"2023":26.3,"2024":22.3,"2025":11.8,"2026":-0.1}},{"slug":"mastercard","name":"Mastercard Inc","name_en":"Mastercard Inc","tier":1,"returns_yearly":{"2021":1.2,"2022":-2.7,"2023":23.4,"2024":24.2,"2025":9,"2026":-7.3}}],"analysis":"미국 2위 은행, 금리 시계 위에서 돈다 기업. 최근 몇 년간 견조한 상승이 이어졌고 2026년 +8.3%다. 본주(+8.3%)와 공급단(평균 -4.1%)이 같은 보폭으로 움직인다. 연결 노드 중 가장 앞선 곳은 비자(-0.3%), 가장 처진 곳은 마스터카드(-7.9%)다. 격차가 사슬 논리로 설명되면 후자가 다음 전파 후보이고, 설명되지 않으면 그 연결 자체를 다시 봐야 한다. NII가 매출의 53% → 금리 시계. 제로금리기 쌓은 저금리 채권 장부(HTM 약 5,680억)의 평가손이 금리위험 상징. AI는 기업대출로 간접 노출.","analysis_en":"Bank of America operates across The #2 US bank, running on the interest-rate clock. It stayed steadily positive in recent years and is +8.3% in 2026. The stock (+8.3%) and its supply side (avg -4.1%) are moving in step. Among connected nodes the furthest ahead is Visa Inc (-0.3%) and the furthest behind is Mastercard Inc (-7.9%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. A large low-yield bond book built up in the zero-rate era sits underwater when yields rise, the defining risk of the node.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"순이자수익 (예대마진)","counterparty_slug":null,"confidence":"high","metric":{"type":"revenue","unit":"$M","basis":"net interest income (GAAP)","value":60096,"period":"FY2025","basis_en":"net interest income (GAAP)"},"note":"순이자수익(NII) FY2025 601억 달러 — 매출의 53%. 금리 시계의 핵심.","note_en":"Net interest income FY2025 $60.1B, 53% of revenue, the rate-clock core.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-25","url":"https://www.sec.gov/Archives/edgar/data/70858/000007085826000157/bac-20251231.htm","title":"Bank of America FY2025 Form 10-K","title_en":"Bank of America FY2025 Form 10-K","excerpt":"순이자수익 60,096백만 달러(FY2025).","excerpt_en":"Net interest income $60,096M (FY2025)."},{"stance":"confirms","publisher":"Bank of America","publisher_en":"Bank of America","kind":"ir","lang":"en","published_at":"2026-01-14","url":"https://investor.bankofamerica.com/regulatory-and-other-filings/select-sec-filings/content/0000070858-26-000020/bac-12312025ex993.htm","title":"Bank of America 4Q25 재무 보충자료","title_en":"Bank of America 4Q25 Financial Supplement","excerpt":"Net interest income $60,096M; total revenue, net of interest expense $113,097M.","excerpt_en":"Net interest income $60,096M; total revenue, net of interest expense $113,097M."}]},{"direction":"revenue","counterparty":"자산관리 수수료 (GWIM)","counterparty_slug":null,"confidence":"high","metric":{"type":"revenue","unit":"$M","basis":"GWIM revenue","value":24883,"period":"FY2025","basis_en":"GWIM revenue"},"note":"글로벌 자산·투자관리(메릴·프라이빗뱅크) 수수료 매출 FY2025 약 249억 달러.","note_en":"Global Wealth & Investment Management (Merrill, Private Bank) fee revenue ~$24.9B FY2025.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-25","url":"https://www.sec.gov/Archives/edgar/data/70858/000007085826000157/bac-20251231.htm","title":"Bank of America FY2025 Form 10-K","title_en":"Bank of America FY2025 Form 10-K","excerpt":"GWIM 부문 매출 약 249억 달러.","excerpt_en":"GWIM segment revenue ~$24.9B."}]},{"direction":"cost","counterparty":"예금 이자비용","counterparty_slug":null,"confidence":"high","metric":{"qualifier":"deposit_interest_and_htm_risk"},"note":"예금·차입에 지급하는 이자(NII의 지급측). 저금리 채권 장부(HTM 약 5,680억)의 평가손 부담.","note_en":"Interest paid on deposits and borrowings (the paid side of NII); its low-yield HTM book (~$568B) carries large unrealized losses.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-25","url":"https://www.sec.gov/Archives/edgar/data/70858/000007085826000157/bac-20251231.htm","title":"Bank of America FY2025 Form 10-K","title_en":"Bank of America FY2025 Form 10-K","excerpt":"보유목적 증권 및 이자비용 관련 공시.","excerpt_en":"Held-to-maturity securities and interest expense disclosures."}]},{"direction":"cost","counterparty":"임직원 보상","counterparty_slug":null,"confidence":"high","metric":{"qualifier":"compensation_largest_noninterest_expense"},"note":"임직원 보상·후생 — 최대 비이자 비용 항목.","note_en":"Employee compensation and benefits, the largest noninterest expense.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-25","url":"https://www.sec.gov/Archives/edgar/data/70858/000007085826000157/bac-20251231.htm","title":"Bank of America FY2025 Form 10-K","title_en":"Bank of America FY2025 Form 10-K","excerpt":"보상·후생이 최대 비이자 비용.","excerpt_en":"Compensation and benefits is the largest noninterest expense."}]},{"direction":"cost","counterparty":"Visa Inc","counterparty_slug":"visa","confidence":"mid","metric":{"as_of":"2024","qualifier":"top5_us_card_issuer"},"note":"미국 5위 카드 발급사(상위 5개사가 카드지출의 69%). 비자 네트워크 카드 발급 → 비자에 네트워크·assessment 수수료 지급.","note_en":"5th-largest US card issuer (the top five account for 69% of card spending). Issues Visa-network cards, paying Visa network/assessment fees.","sources":[{"stance":"confirms","publisher":"Nilson Report","publisher_en":"Nilson Report","kind":"research","lang":"en","published_at":"2025-05-01","url":"https://nilsonreport.com/articles/top-50-us-visa-and-mastercard-credit-card-issuers-2024/","title":"닐슨 리포트: 미국 비자·마스터카드 신용카드 발급사 상위 50","title_en":"Top 50 US Visa and Mastercard Credit Card Issuers 2024","excerpt":"Bank of America rounded out the top five US credit card issuers.","excerpt_en":"Bank of America rounded out the top five US credit card issuers."},{"stance":"confirms","publisher":"Nilson Report","publisher_en":"Nilson Report","kind":"news","lang":"en","published_at":"2025-03-06","url":"https://www.globenewswire.com/news-release/2025/03/06/3038338/0/en/JP-Morgan-Tops-Nilson-Report-Ranking-of-US-Credit-Card-Issuers.html","title":"닐슨 리포트: JP모건, 미국 최대 신용카드 발급사","title_en":"JP Morgan Tops Nilson Report Ranking of US Credit Card Issuers","excerpt":"The 5 largest issuers accounted for 69.1% of all spending on credit cards in 2024 (Chase, Amex, Citi, Capital One, Bank of America).","excerpt_en":"The 5 largest issuers accounted for 69.1% of all spending on credit cards in 2024 (Chase, Amex, Citi, Capital One, Bank of America)."}]},{"direction":"cost","counterparty":"Mastercard Inc","counterparty_slug":"mastercard","confidence":"mid","metric":{"as_of":"2024","qualifier":"top5_us_card_issuer"},"note":"비자·마스터카드 양 네트워크 카드를 발급하는 상위 5위 발급사 → 마스터카드에 assessment 수수료 지급.","note_en":"A top-five issuer of both Visa- and Mastercard-network cards, paying Mastercard assessment fees.","sources":[{"stance":"confirms","publisher":"Nilson Report","publisher_en":"Nilson Report","kind":"research","lang":"en","published_at":"2025-05-01","url":"https://nilsonreport.com/articles/top-50-us-visa-and-mastercard-credit-card-issuers-2024/","title":"닐슨 리포트: 미국 비자·마스터카드 신용카드 발급사 상위 50","title_en":"Top 50 US Visa and Mastercard Credit Card Issuers 2024","excerpt":"BofA ranks among the top-5 US Visa/Mastercard credit card issuers.","excerpt_en":"BofA ranks among the top-5 US Visa/Mastercard credit card issuers."}]}]}