Bank of America is quietly turning up the volume in Chicago, zeroing in on local growth after a sharp pickup in business lending. CEO Brian Moynihan has signaled that Chicago companies and developers are back on the bank’s radar as commercial credit rebounds. Crain’s reports commercial loans at the bank have climbed about 15%, a shift that could mean more capital for area projects and middle-market firms looking to finally pull the trigger on long-delayed plans.
Moynihan’s Pitch to Chicago
Moynihan told Crain's Chicago Business that Bank of America intends to lean into the Chicago market, citing stronger demand from corporate and commercial clients. According to Crain’s, that roughly 15% rise in commercial lending is the backdrop for Moynihan’s push to expand client coverage and deal teams in the region. In plain terms, he is pointing to real loan growth as justification for putting more people on the ground.
Numbers Behind the Push
The story shows up in the filings, too. In its Q1 2026 earnings release, Bank of America reported $8.6 billion in net income and said average loans and leases rose about 9% year over year, with total loans and leases at roughly $1.2 trillion at quarter's end. Those figures, laid out in the company’s investor materials, highlight lending growth across corporate, commercial, and business banking, the same segments Moynihan has flagged as key growth engines in markets like Chicago.
What It Could Mean for Developers and Businesses
For Chicago developers and corporate finance teams, a deeper Bank of America presence could translate into easier access to capital for large office and multifamily projects, at least for those that clear increasingly tight underwriting. The Real Deal cataloged a $700 million refinancing for the Bank of America Tower at 110 North Wacker Drive that included BofA as a lender, underscoring the bank’s role in some of the city’s biggest commercial real estate financings.
Why Banks Are Chasing Commercial Borrowers
Industry analysts say the lending rebound reflects both stronger borrower appetite and banks’ strategic efforts to rebuild commercial portfolios after a period of caution. As S&P Global reported, Moynihan told investors on April 15 that the bank had “grown commercial loans in nearly every line of business,” crediting investments in commercial teams and technology for the gains.
Moynihan’s Chicago push comes as Bank of America is returning capital to shareholders while keeping credit metrics largely steady. The bank’s Q1 filings show roughly $9.3 billion was returned to investors in the quarter. Local bankers say BofA’s heightened focus on the market could speed up deal timelines for projects that meet lenders’ standards, even as scrutiny stays tight on certain office and commercial real estate credits. In other words, if a deal checks all the boxes, it might move faster, but no one is loosening the reins just yet.
