Bank of America

Pricing power for a large bank resides in deposit beta management, fees, and risk-based loan pricing rather than simple list pricing. In Q2 2025 net interest income grew year over year and management commentary points to further NII progress as assets reprice, yet the franchise remains sensitive to deposit competition and the rate path.

Noninterest income from wealth, payments, investment banking and markets provides flexibility but faces regulatory scrutiny. Using Q2 revenue and expense figures, the efficiency ratio is roughly 65 percent, indicating room for operating leverage but not the step-change margin power of monopolistic franchises.