/C O R R E C T I O N -- Bank of America Corporation/

Bank of America Private Bank's survey of 1,431 U.S. wealthy individuals found that 89% donated to charity in 2025 and 49% volunteered, up from 42% in 2023. Gen Z and Millennial donors supported an average of 12 causes versus eight overall and used charitable trusts, family foundations, fundraising and mentorship more frequently, though only 47% of wealthy respondents viewed the next generation as prepared to assume family philanthropic leadership, down from 55% in 2024. Donor-advised fund adoption remains below 10%, but 75% of current users expect to increase contributions over the next three years.

Analysis

This is not a near-term earnings catalyst for BAC: the release provides no assets-under-management, fee-revenue, net-new-money, or client-conversion data, and its survey design cannot establish that respondents will select Bank of America’s platform. The market should therefore treat any same-day reaction as noise. The relevant investable signal is a longer-duration product mix shift toward administered charitable vehicles, trust/foundation servicing, and advisory-led relationships—services with recurring fee pools and higher client stickiness than episodic transactional giving.

The competitive implication is modestly favorable for scaled wealth platforms with both fiduciary administration and distribution, including BAC, JPM, MS, and SCHW. BAC’s differentiator is the potential to turn philanthropy discussions into broader multigenerational estate-planning and retained-family-asset relationships; the economic benefit would emerge over 6-18 months through wealth-management flows and fee yield, not through banking NII. Conversely, specialist charitable sponsors such as Fidelity Charitable and Schwab Charitable may capture a disproportionate share if donors prioritize low-friction digital onboarding over full-service private-bank advice.

The contrarian read is that fragmented giving can dilute rather than deepen wallet share: more causes and non-cash engagement may reduce the size and regularity of investable charitable balances. Regulatory risk remains asymmetric for DAF economics—any Congressional or Treasury action imposing payout requirements, limiting deductions, or changing timing rules would reduce the value of tax-deferral features. Thesis validation requires BAC to disclose improving Private Bank net flows, trust/estate assets, or Wealth & Investment Management fee growth above peers; absent those data, this is an operational watch item rather than a tradable fundamental inflection.

Key Decisions for Investors

• No standalone BAC trade on this release; maintain existing factor-driven BAC exposure only. Reassess after the next two quarterly disclosures for Wealth & Investment Management net flows, fee income, and private-bank asset growth versus JPM and MS.
• Create a 6-18 month watchlist pair: long BAC or JPM versus short SCHW only if advisor-led charitable/trust assets show accelerating growth while low-cost custody platforms lose share. Target at least 300 bps relative fee-growth confirmation before entry; falsify if SCHW client assets and advisory net flows remain superior.
• Monitor DAF legislative and Treasury developments over the next 1-6 months. Any mandated distribution regime or deduction-timing restriction is a negative read-through for charitable-platform asset balances and should reduce confidence in wealth-management fee-growth assumptions across BAC, JPM, MS, and SCHW.
• For BAC specifically, require evidence that private-bank engagement converts into broader balances rather than merely administered philanthropy: positive catalysts are sequential improvement in client asset retention and advisory fees; a miss in Wealth & Investment Management fee growth or weaker net flows invalidates the constructive structural view.