NEW YORK (Reuters) - Investments from Bank of America's retail consumers have swelled to more than $500 billion in assets this year, and the company aspires to cross $1 trillion in five years.

"If you look at our results, we have doubled every five years, so I'd like to think that we could do that again and achieve this within a five-year time period," Aron Levine, BofA's president of preferred banking, told Reuters.

The second largest U.S. lender launched its consumer investment business in 2010. It allows so-called mass affluent clients to choose their own investments while offering online tools and in-person guidance from financial advisors.

While most consumers invest heavily in technology stocks and equities, others are also using mutual funds and exchange-traded funds to diversify their portfolios.

Levine echoed recent comments from other U.S. bank executives who expressed optimism about consumers' financial health and spending.

"Consumer savings have come down, but are still trending above the pre-pandemic levels, while debt has stabilized," he said. "Employment rates have been strong and there has been continued spending through the holidays."

The lender plans to open 165 U.S. branches by the end of 2026, which is also expected to boost investment assets.

Nearly 33% of BofA's consumer investment accounts are held by Gen Z and millennial clients, who have become more active in investing, followed by boomers and Gen X.