By Saeed Azhar, Arasu Kannagi Basil and Nivedita Balu

Summary:

– BofA targets 16%-18% return on tangible common equity.

– Plans expansion to six U.S. cities by 2028, accessing $222B in deposits.

– Investment banking , trading and wealth management set for growth.

BOSTON — Bank of America raised a closely watched profitability target on Wednesday as CEO Brian Moynihan laid out a plan to catch up with Wall Street rivals that includes tech investments and an expansion strategy.

Moynihan and other top executives are convening in Boston for the bank’s first investor day since 2011 to answer concerns about return s that have trailed peers.

BofA is target ing a 16% to 18% return on tangible common equity – a metric investors use to assess a

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