Bank of America (BAC.N) raised its medium-term profitability target on Wednesday as it seeks to boost market share and catch up with larger Wall Street competitors, including JPMorgan and Goldman Sachs.

At its first investor day since 2011, BofA set a new return on tangible common equity (ROTCE) target of 16% to 18%, up from its previous mid-teens forecast. The bank posted a 15.4% ROTCE in Q3, compared with 20% for JPMorgan over the same period. Analysts had anticipated the 16%–18% target.

The bank plans to increase its share of investment banking fees by 50 to 100 basis points over the next three to five years and aims for profit-per-share growth exceeding 12%. On the trading front, BofA targets a 9% share of industry revenue, up from its current 7.6%.

BofA also reported stable consumer credit, with U.S. consumer spending up 5% this year. The bank expects net interest income to grow 5%–7% annually over the next five years, driven by loan growth and fixed-rate asset repricing.

CEO Brian Moynihan, who has led the bank since 2010, announced plans to remain through the decade, with co-presidents Dean Athanasia and Jim DeMare, and CFO Alastair Borthwick taking key executive roles. Investors are watching for succession signals as BofA works to deliver stronger returns amid a competitive banking landscape.