Bank of America (BAC) 16 Jul 242024 Q2 Earnings call transcript

Good day, everyone, and welcome to the Bank of America Earnings Announcement. [Operator Instructions] Please note, this call may be recorded. [Operator Instructions] It is now my pleasure to turn the conference over to Lee McEntire of Bank of America.

Good morning. Welcome. the review joining results. second for you call our to quarter Thank

earnings will earnings on call. to website, those the the available documents I and documents. that Investor include Our had are review of hope the everyone release a during reference make to Relations has section they presentation the we chance bankofamerica.com

of Our our CFO, Borthwick, comments before the CEO, quarter. Alastair Brian Moynihan, will make the opening details some discusses

refer may me financial to just and remind forward-looking Let non-GAAP we during make call. that the measures statements you

financial found statements current in Forward-looking reconciliations detailed and expectations also assumptions that measures, materially GAAP, cause are can earnings that our our our available to are in U.S. including our Factors expectations and our materials filings non-GAAP available risks to to and differ be based on SEC materials from website. on on results actual management's are uncertainties. may that earnings are about website. Information subject

me over with turn So the Thank let to you. call that, Brian.

Thank for joining you, all of today. morning, you good Lee, us thank and and

by second begin a want no and impacted recovery. this America clear continue President families terrible for the there's to country, of the I today, in horrible We course, violence the Bank our out others to political I are that this reflect Trump of place wish event. just And at former great we to events Before speedy weekend. go thoughts, their our victims and on and

results XXXX of results the of for that, -- Bank turn the to Corporation. second let's let's With turn our our attention America quarter

and deliver growth. the success areas, achieved our team in to of we responsible underscoring This of benefits diversity of our dedication number the quarter, a

this engine and as all growth quarter. to businesses [indiscernible] drop the activity organic even in in customers that continues Our we see our add

Slide on X. starting I'm

consumer in and Global Our were the in diluted was serve people; our evenly, the half GWIM Attesting and tax for institutional-focused in earnings franchise, the $X.X other split balance Banking EPS. business, $X.XX Markets. income the businesses, quarter our which after or billion to half in net our

We grew in interest X% income. from in improvement quarter. XX% noninterest revenue total decline quarter grew second as year-over-year the revenue income and of in the the overcame represented net Fees XXXX

strong performance asset in led management XX% Our banking in saw businesses. trading investment a wealth revenue by XX% management increased grew was fee year-over-year We improvement X%. sales our fees fees and and

of X% its and team. job Global consecutive good the around this quarter in year-over-year result fee and a and and is revenue by growth Markets our testament a ninth model. of service our Much the growth to of operating consumer Card of intensity sales -- trading is revenue, year-over-year Jimmy in a grew by charge had diversity business. testimony to our also organic the a growth

factors. has been Organic growth Slide to on by several Now X. key driven

on First, our we customers. focus

We place high-quality at in way center delivering everything continue solid with clients. them Consumer of the growth and to engaged the accounts led we organic do.

We base consecutive quarter, our market share. and significant we new our the expand accounts. XXnd checking consumer For customer net had

brings our which X to we than Specifically, more first XXX,XXX. quarter, checking accounts of new XXX,XXX months net this added XXXX

led we management, banking those managing this commercial the billion wealth areas, relationships of and hundreds and businesses thousands deposits X $X.X another added $XX quarters. wealth client In This in we saw of businesses, X,XXX quarter. the loans, management trillion added in consumer In of relationships. client our small across investments past flows and balances, we has now new commercial to In segments.

and service our solutions personalized on has attracting loyalty, strengthened emphasis Our superior financial businesses. new all clients customer customer across

to positions gain to as of solutions our continue to providing us clients Our well. liquidity the focus management on share and more risk institutional wallets

innovative to deliver continue digital we solutions. Second,

capabilities banking customers the to both our of for our the One all contributors maintaining and attracting platforms across primary clients of digital our businesses. is

integrated customers our accounts. across fully investment their investment app and Consumer consumer for Our utility the drives Banking

strong stats Our are points. user proof

capabilities language second in enhance customers' further businesses consumer Our our our capabilities.

and You can the XX the see in the Pages XX slides XX, appendix. digital growth continued in on

A highlights. couple of

banking users. billion They active serves Our now in more quarter. than app this XX mobile times consumer million X.X logged

We also to committed our of more continue sales through -- use digital see properties.

represented the to send transactions total Simply write move teller. And of the send withdrawals XX% XX Zelle Digital money more a now transaction, sales dominant nearly fact, Zelle's checks. in X.Xx Zelle way quarter sales money. of combination ATM consumers in customer Zelle. take in -- rate consumer past the our They on are and million put, transactions place cash at becoming businesses. our in they using

management wealth do clients complement banking seeing those the investment business, being we more with business to accounts are Our us. open

Importantly, ease these our the banking capability. recognizing are also of digital clients

XX% digitally. clients of and Merrill our teammates new are Banking active. of were XX% Global digitally accounts our opened also our

award significantly requests service directly inquiries that. our accomplish to using innovated clients We and initiate cash have platform transaction flow streamlined by within enabling track AI and to

Third, in success continue we our the page. We're see this not with core complacent make investments businesses. to on strategic you

core strategically We in invest our businesses. continue to

A few examples.

This leading our markets deposit and invest investment our the financial XX and in opened half America, this had first new growth is expansion a in have we centers year share retail in of quarter markets. and While to both renovated another we the continue XXX.

program. wealth teammates to It's management, also advisers us across of continue adding our allowing across management to we experienced We're X,XXX areas XX,XXX more teams advisory force add our growing financial in to country. best-in-class adviser continuously in strong teammates, than to wealth strategic development businesses. In our invest -- the

and to to our team. our bankers continue we clients, commercial our complement our In than industry across have country regional XXX banking they better our investment the coverage regional clients. banking serve to now We more teams, corporate add to

continue sheet expertise and seen In our the to to over years. last market our we talent our share lead Markets Global business, and clients adding to to balance several continue extend improvement

our on year. initiatives nearly have billion also and expect this technology We technology $X increased initiatives our spend to

our reason artificial them interactions. is clients engage the our AI of AI savings our We of with proactive of more example than recent moved have teammates. delivered around insights our projects advisers, quality tool. our insights client enhancing financial clients. focused adviser cost intelligence customer to X and million A to ideas from and year-to-date our use both with providing to has enhancements We've

businesses and markets. across gain differentiated knit us, advantage Fourth, on organic across share of integrated flows in segment. importantly, invest banking driving our growth compete is local line also invest our particular them we We our nationwide business our the each that based business. But It's our together franchise. customer lines across market leadership and position business of in a for markets heavily in to their

we customers wealth franchise business connecting For our management leverage by example, teams. [indiscernible]

this across year. all teams X other Our the businesses months to made million our businesses X first referrals have in of

efficiency effectiveness, excellence our Next, and operational we and through platform. that's drive

We to in manage the also to invest future have while we expenses continue of day-to-day. heavily franchise our and growth

our excellence us to hold X% growth well has operational inflation on to focus enabled year-over-year, Our the expense below up rates.

We as NII continue to leverage work and again. to to stabilizes achieve operating grow begins

you us management And growth it explain increase last, in fair later, and our strength will wealth allows Alastair to the the in in due to incentives at look a of stakeholders. fee that expense formulaic to due business. As for force is all capital deliver the year-over-year

at CETX held we as our quarter. strong remained capital this XX.X% ratio Our

dividends. our outstanding. X shares billion increased to loans, Average dropped diluted repurchases shares and billion $X.X grew We in share below $X.X billion paid

XX.X% we also quarterly requirements both CETX X% and October addition, announced remain increased increase requirement of of both Note capital that as Board beginning upon the dividend the approval. excess our result to the In current recent intent a ratio to solid of a XX.X% our CCAR. position -- regulatory

of couple things Slide Let's to A turn note to X. here.

noted NII this cycle. the quarters we've would several for the second rate that First, quarter trough be for

quarter expect the in We provide forward. year. detail you going some the grow quarter NII is to this fourth Alastair to about third path in and points

you'll X% and our Slide note that the important One average grew behaviors On quarter. of increased positive contributor to is customers. that linked year-over-year modestly deposits change X,

second in is outflow The a reality typically quarter heavy quarter.

wealth taxes lot have rates management. a to customers for of Quarter-over-quarter in you pay again businesses that except Slide on we increases And this across We this quarter. X, business. continue of quarter line paid of slow that page, in by all show a lot who

those have going to of we begin business deposit forward. continued to wealth While with expect and change quarterly decrease rate rates to moved the rotation, stabilize higher rates

you and we when charge-offs X. Slide calls, questions asked second previous in That would question net have to Turning well. of or expectation half many have they the unchanged XXXX. comment In as consumer stabilize upon about the of remains

crisis. of just high, stabilization go when were basis this a charge-offs prior would still remind quarter, and way to I And the to from have rate we're to see near net this a the is quarter's XXXX emerging This to charge-off back all rate. for points. the financial I context, that that's XX you,

second losses plateaued to XX- the show highlight we delinquency in should quarter. consecutive plus card lead of This card in have credit X, XX-day half Slide the delinquencies credit net which credit the second year. On the and trends, for stabilized

At the note a couple of the bottom facts. page, of

payment XX% our to bottom with And of while the First, relationship-based customers. plenty remain at above levels, illustrating above customers pre-pandemic investment who health these levels, borrow. deposit card businesses, us the side because our have rates. XX% pre-pandemic of importantly, There, index of our the pay a have Page of balances of the This remain the at can balances in month, card down is of of on capacity even rate see the customers right-hand also X. our look their you to continued

the card you it improve expect a in delinquencies, in and and flattened second them if charge-offs out consumer So about half. we think of drive credit, to terms

is CRA With appendix. slide usual credit regard included commercial real to our estate, in exposure our

decrease through to XXXX portfolio. of previous half in than saw categories: supports in half that net reservable a modest decrease charge-offs. a the first loans, We continue the CRE criticized our charge-offs NPLs in second in in lower decrease the XXXX. of net We This our loans and aggressively office our expectation a be will all decrease work a in

innovation, ability We're commitment risk performance you, a growth. that focused continue a and shareholders. of create generate strategies, second America's We success to combination to quarter through value that Our responsible Bank sustainable long-term of will strong customer-centric and a of our confident approach investments call reward. strong balance for highlights to and strategic drive growth

for will additional thoughts. Now to it turn Alastair I

we Thank work Slide as highlights I'm the on Slide presentation. start to X on you, going material. of I'll on touch through And more earnings the noted X Brian.

say return return and I upfront nearly on to equity with XX basis just XX%. common on of we delivered tangible strong of that average assets wanted points a returns

of the can ended trillion total a Global relatively to balances, lower modest reverse repo in increase much an loan Markets securities apart by well from here client mix activity. offset note as and not as And shift mostly move $X.XX growth assets, you balance on unchanged quarter. let's where at to Slide first the So from the quarter of X, sheet see we

$XX seasonal On the declined customer basis, and higher. ending noted, average income payments were modestly taxes. funding side, reflecting deposits Brian typical on billion still deposits as an And

of to remains liquidity strong was global That quarter. first Liquidity the sources. flat $XXX compared billion with

Shareholders' stock redemption of shareholders QX was offset The flat capital by included tangible and billion $X.X distributed $X.X and quarter, a equity billion billion AOCI the per year. billion in of capital $XX.XX shares. in the billion also contributions as of in earnings common of improved to and last were the X% second compared repurchase $X.X quarter share X.X book from $X.X to preferred in the of value dividends rose modestly quarter. in

XX% remained capital, well terms XX.X% October modestly, X, stable Risk-weighted as level CETX the regulatory was as improved of driven above CETX and $XXX at ratio was activity. by our current ratio In lending billion, and This XX.X%. that well XXXX. as increased our assets new requirement of XX.X% requirement our

that total ratio absorbing ratio leaves leverage sheet balance And for remains capacity above our was requirements. our our of minimum loss plenty versus X% capital $XXX supplemental means requirement our billion growth. Our And comfortably TLAC of X%.

sheet so and let's balance focus at to Slide loans, Brian already we'll look on deposit trends, average covered the balances X. turn

domestic improved improvement commercial commercial in commercial You loans modest a in estate. included by credit in modest decline trillion. commercial and of in year-over-year growth. increase offset leases, can growth X% see a X% partially overall average X% loans driven $X.XXX card and QX our loans real The X% They by

market lending. on corporate saw offset and rate quarter, uptick Middle good lending from were areas clients demand we largely custom our saw of continued in an growth paydowns our businesses by from sentiment. interest the These larger in wealth

while Consumer were originations a this growth And flattish, picked borrowing. home card was bit lending by driven up balances quarter. credit

note, loan positive Lastly, and a on widen. continue to spreads

there. XX, NII and see our that to we so the As X, note slide. Slide about can that you We moved on excess turn Slide focus we then performance appendix typically the deposits to to talk used

levels for deposit excess loans longer-dated cash and short-dated quarter sale XX% in paid. remained of be we and continued in XXX excess quarter a is available liquidity and and high again points basis for above source rate shareholders. billion value book continued Our now The hold-to-maturity cash roll our now to continues deposit of assets. good this reinvested The at of lower-yielding securities. yield off, to above the in to blended and securities higher-yielding improve $XXX is our

NII, Regarding a GAAP on

Difficulty] [Technical

on experiencing technical To online. please We're hold, remain all locations a difficulty.

this includes And materialize those cuts the impact now November estimated September, of one more in Will quarterly an rate interest and our to another starting cuts X rate NII. in waterfall December. in shows and

and our sheet half sheet management with a of result fixed natural couple mixed half. variable in assets. balance rate and And of are next categories assets split interest is a The of roughly rate balance risk rate

in we liquidity and store our cash securities. to take liquidity that used assets, and customers in we fund we So from excess

have gets to cash and balance and on pay mature the supply over that back down, reprices sheet those put assets that and We fixed work then time.

And when And billion pay those improvement you have we've roughly off, our we $XX cash of of can balance off about assets quarter basic and that fixed securities gained a On basis money assets, and those from back put portfolio. mature securities loans. coming see categories sheet. are and XXX securities, we on of the the X points got of we

and On as through expect billion, between little loans, to NII and we've rate improvement loans auto, the securities asset fourth got securities. between $XX we quarterly yield reprices of adds million get another fixed And with our resi $XXX a roughly the repricing rate loan which less about the mortgage we quarter.

given in to hedge protect On swaps. and some the any and over down rates, from And quarter off side moves in roll variable rate that typically get replaced asset those of flow with we cash time.

cessation cash is the an flow So impact hedges BSB in an included rate. of as of alternative

quarter beginning in sequential we was that we of said in us quarter charge QX, and back a and fourth $X.X about in slightly 'XX, coming And XXXX. to million. the into taper the QX recall, in If That to And took see to smaller NII will by it a benefit back we come then off $XXX you benefit billion, grow that's time. 'XX. It NII. benefit heading partial would November, through into begins QX started

billion hedges us contra flow the is moving These life reported revenue average about protecting have hedges they've weighted of moves from lower. rate In rate of short $XXX XXX addition, as X interest hedging in basis fixed over cash an approximately Most we've average floating rate loans, a got of received those are fixed loan hedges just points. commercial and cost got and commercial income. years, of

replace get where tailwind flow off of the expiration at shape size market those and rates half the get dependent of curve tailwind will highly of begin from to rate starting the of at out likely of that stretches those at fixed So the those the swaps second lower NII obviously XXXX, level The current And the upon the will those in to maturities. time [indiscernible] the be some years. over the the because cash X of we next we'll the course actual yield additional roll begin time. and we with hedges will receive, higher

other points of couple A Okay. to make.

much the And continued combined rate Markets growth we You'll NII you as deposits our half of modestly expectation around activity. paid in low an don't expectation of Global in impact the view growth note our movement loans, single-digit slowing back XXXX. well. our see expect can lastly, movement has of And here of low with through forward liability-sensitive single-digit

that the most And deposit pricing upon last is element and has and obviously, it This growth loan will the depend variability. potential one actual and rotation.

Okay.

$XXX QX, by payroll tax use expense. FDIC Let's seasonally FDIC including million turn which assessment, more QX the assessment. We lower million than lower Not Slide to billion reported lower than we'll driven included expenses and of this discussion. and expense the for than for XX million were the by $XX.X $XXX quarter, expense, special that's $XXX

up are we to paid Incentives happy to that's QX to fee a Compared that is improved for obviously for GWIM And X%. business up an million $XXX expense improvement revenue. we're 'XX, have equal incentives alone And XX% pay year-over-year. the for than increase our management. less fees we're under in when assets

quarter next by fell course X,XXX headcount join second upon us our of or diverse absent Our interns, graduation. headcount those included their a number will the nearly interns, welcoming nearly who we X the class year hope X,XXX. of over And summer

for add of and and the XXX,XXX In around -- given approximately graduates for investments than are XXXX second choice received, remain to to we college more levels the higher more revenue X,XXX applications the for third of expect people. rest showing an we young growth. quarter for talented than that made bounce from Expense expected full-time that's fee quarter, employer the level,

change let's turn So XX. million driven in credit, to There Slide $XXX quality QX QX. was was Provision reserve in to in That little asset quarter. billion. and $X.X we'll release was this [indiscernible] a metrics by expense our move smaller now

unchanged offset X% to in the The $X.X reported. X.X% were of charge-offs. unemployment charge-off charge-offs card reserved XX largely by we lower by for estate a most remain mostly On points, was changed, basis, a the with small from rate real commercial net rate QX. of office weighted increase basis billion end recent of Net nearly XXXX ratio little an credit compared

higher from of net the and highlight portfolios. modest versus both from we late-stage credit delinquencies consumer the million $XX Consumer first increased a Slide for On QX. more commercial by XX, metrics quarter flow-through our card credit charge-offs quality

consumer lower XQ flat were commercial offset increase $XX small a Commercial were losses by in in in mostly loans. of declined delinquencies, real relatively change delinquencies XX-day as commercial the estate million. direction net other Highlighting charge-offs by plus

Other in Our losses $XXX loan were to X [indiscernible]. went QX commercial from real office simply $XXX in QX. estate losses million million

Okay.

Let's move Consumer to comments some with on their start Slide the brief Banking. various lines and results, of on business XX I'll and

earned quarter, $X.X the growth. last from as the reported For earnings to year. declined on And deposit quarter organic of second compared lower consumer X% strong continued balances year-over-year declined billion revenue

another which addition That new and cargo clients, the billion $XXX consumer months a over another checking year-over-year net $XX to XX growth, showed of period billion. activity appreciation links Customer of strong investment flows new strong in for market balances XX% time. at strong included climbed record to quarter,

year-over-year earlier, offset as as small noted excellence As loans work Team flat the and business grew nicely industry leader. card expense continued credit growth, move from the operational by our reflecting improve business more digital. to work for of investments we to well where good held with remain transactions year-over-year, processes

you customer adoption appendix, investment. continuous and in as our And remain XX, record to can engagement illustrating Page appreciation And continue scores satisfaction our digital capabilities to due see enhanced improve. customer of near levels, the

results, management We wealth lending Slide XX. strong results. those client good and to activity, included AUM this Moving favorability flows. on market also saw good quarter produced organic And and good

advisory Our of coupled with diverse of aspirations meet commitment needs the planning investment services, to enabled comprehensive our suite our solutions, in us clients. wealth has to personalized management and

more last from QX, than second income reported year prior of rose year. quarter a X% Net billion. the X% $X over the revenue growing we In billion, of $X.X little to

the other services investments for and fee growth fee Expense overcame headwind. growth from reflects growth future. and in brokerage investment NII strong Brian As XX% noted, the revenue the

we're year-over-year strong business had up and in seeing in a mortgage return and X% Average than more loans were margin, of XX% on a it strong lending growth XX%. generated capital by custom pickup driven lending. The a

I this clients find work. client money produced mix Bank billion continued of $XX can growth. a which as as you existing since in the putting Slide management their XX. that also they to the and assets flows Both well to second Private want good organic more strong highlight under new Merrill see of money digital of to year's on last momentum quarter, and And continued reflects business,

services year-over-year we XX, the billion, $X.X net interest Slide business higher investment And were Global overcome of here, On to down lower banking revenue results. XX% fees and as by Banking income earnings and provision improved treasury turn expense. produced

across Revenue the impact the declined and rotation. X% regions deposit strength Banking by The interest diversified driven of and franchise. of Global reflects our products revenue rates

managing our borrowing. clients rates. cash GTS needs capital accessing markets And the clients fees capital are for lot their NII of for In of a instead the of pressure higher offsets the business, from

a banking fee markets Investment had year-over-year investment globally. nearly $X.X billion And fees, #X and maintaining to capital quarter, strong we position leveraged in mostly led investment grade. finished our XX% strong, fees quarter debt the finance banking growing by

APAC. solid North increase start expense in X in expense provision us XXXX in last A and #X continued earlier. in industry America, seeing rankings including strong in by groups left investment America I driven a increased performance discussed in real as good with well. the commercial net and EMEA to the has important now position Latin X% from we're top year An And charge-offs estate was And year-over-year, business.

average excluding year-over-year, DVA, Switching grew Markets we $X.X XX%. XX. on on to my Slide XX% Earnings quarter solid was growth to operating of achieved focus capital return good as continued capital. on allocated and normally The another do. had team and revenue a return leverage results I billion Global deliver terrific on as and comments generated I'll

is second of quarter this again, DVA, from and ex Revenue the 'XX. XX% improved

year-over-year ex improved quarter Focusing in on highest over that's sales decade. revenue and to a $X.X and the billion, DVA, trading second X%

revenues better remained largely quarter a strong. And modestly that was driven versus [indiscernible] offset compared FX was XX% and they by And 'XX, weaker QX by trading down X%, commodities mortgage to in [indiscernible] 'XX. QX trading. equities rates. and were while increased lower macro

up on improvement continued the were strong Equities cash Year-over-year investment and was X% business. revenue in driven derivatives in by equities. and expenses results trading

result Slide $X.X year-over-year was costs little as a Finally, that a XX. other reserve was changed lower loss All by expense offset lower of shows as and on billion, provision of changes.

and renewable X%. XX%. And effective rate have affordable tax to the the Our would excluding was discrete effective in related rate been energy housing, and tax investments tax for credits quarter the items

questions. I with and we'll jump stop And into think we'll that, there,

I Alastair, right. the audio All Brian, feedback from for moment. to call the maybe interrupted hear that -- wanted I just a did some got

point the interrupted, that at I couple of a was want which at Alastair to it just So reiterate got points making.

where performance to Slide we back the audio of go discussion interest QX about to you That a the from think was If I QX where started X, was net we income. lost beginning driven yield funding rotation by seeking higher and in higher while costs QX, continue of increases down. and deposits the higher alternatives. the did paid to slow And the rate both again rotation

On the the Slide in that that we same, And points remains have I NII rise we been XX, for make rise trajectory X was to to there our the just only again our in. QX. bottom and would I think would discuss the are the reiterating in QX began quarter in that the Alastair that expectation NII will then QX the begin to that rate our compared cycle belief be

X% X% around We the billion to NII be minus. expect than the be NII. expectations we to or plus range That Alastair that $XX.X of level, higher approximately QX And quarter's covered. provided would this

up the interest And NII through extra of $XXX began making million into providing also pick by QX. that an sure we day that he you of that additional know carries net that QX, about income discussion in

on slide. You see that the

September. It will Those rate curve forward interest the -- will in start also current assumes cuts that that materialize.

quarterly We December will net interest expect income. estimated waterfall And and rates November in one to the impact the those curve. includes another in of an

on then again. where the repricing, is back And started the we which so asset think I began fixed discussion, the he up the audio discussion then, picked

And just some so to on that points wanted that for you. questions, you'll and we're answer have questions point to happy but then -- recover those

Evercore. Schorr take Glenn our question from [Operator We'll Instructions] first of

XXXX appreciate would us a definitely one. a us XX if to I NII given guide you you Slide And know lot. give have wanted

to free give but feel want, So my that that's question. you if not

looking consensus right gave flattish doesn't given is X% modest lot puzzle recently, if had the you behavior, XQ pieces from or loan the deposit that quarter growth fourth get this given with that and that you're for question you at that that year of number. pickup of the NII all and to least now pieces. sense, make deposit-seeking slowing XQ us, expectations all expecting And a My

maybe NII you you directionally want be make to if if to numbers? quarter collectively the with flat don't we number of that does just your you sense comment can higher it fourth expecting So give

you do in So we've guidance not position right. give to for a around expect. here What that we that the XXXX believe for And is and We're would Glenn, been a to is what the trying the we're of reinforce QX from you're probably reasons saying we year. this we're from point, is trough, all everyone to going good beginning think grow.

for you when Now with look persist period conclusions. conclusions going bridge, of respect your own is of And some draw rate own be you'll pricing this your at some draw to the of fixed time. elements to asset you'll able to

our on this QX QX trough. to But felt be QX. we've better. We like feel guidance for been be We've out, likely and clear always are I to would point like just and pretty the want QX

in We've all laid our it out. see changed here. can terms You work of really that. Nothing's

got is most period really a foundational we where the twist for here feel like thing, growth important rotation, get I everybody just the deposit this year. It's XXXX and we're establishing to from of a last here. the And we is foundation think, through for

what convey. So trying that's we're to

could a within deposits I wealth the business. follow-up ask just on Maybe

if the -- hear I'm tons accounts I'm feedback, sorry. brokerage trillion You me curious have hearing advisory you can split out okay? of of assets. break and client you and between $X

Okay.

Sorry.

cash I'm expect and client asking trillion -- is assets on reason how and been wealth. any client split curious recent changes the I'm in if of should behavioral the in we give And paid us curious trillion whether great. $X $X So you've you wealth following rate news. between handling the could assets I'm brokerage advisory advisory. accounts and

feedback. Sorry the for

to. through gone I'd that massive a distinction monetary I'm cash in policy. should infused Look, in and change -- economy we've look Glenn, not under the We these be sure price now things withdrawn the

have our base than our to price to means grow bit so little we board faster are as you a to instructions our economy. to And that. deposit achieve the team stabilize, across That

what And because more you're they how daily investment or management sort little X cash in you cash what bit for clients if That Slide is they this, the you over. is those have showed think takes not I flow, money, don't a is largely you the business around. and longer where of X, about cash thinking look -- what the the wealth change, their at -- they move see that see investment

that weeks, income market will not business moving look movement. last paying X lot out paying we But in more if that on and those taxes, platform taking of And billion been quarter a X, the at And made changes $XXX seeing deposits, as that as the all P&L. the billion billion, those level, keep could were pricing $XXX were they to around a $XXX-odd all risk at we're in down, having now customers and the bounce their ensure high depending and in the deposit in through it things. that made grow, we the

question Mitchell Seaport Global. We'll take next of our from Jim

and at us the of have I but forward beat a just follow-up, just just year. can implies we takes and next -- NII, curve you horse don't through a rate more the cuts mean dead think the you end puts to quick year, on help Maybe on can

you next in how all think impact? puts we should when hit sort to starts takes I year -- curve trough? NII next impact this and cumulative about that forward think that gives of model what is the we the What about that the the what are that As we for and year, guess confidence

it we've to think all I one XXXX. resisted the they probably variables, Jim, another. any simple many inputs always I for reason that given bridge very for mean start too so out multiply the there's do chosen We've going with far year. right this for to and is

rate year, If using you Earlier think here, we're about this been were September, If even cuts: the I the week, in one there there cut X December. day the of did X. have last [indiscernible] would X. November,

like, provide what So 'XX looks it's since stage. for know very to path we this don't guidance that at then challenging

P&L. get to asset component that's immediate some But cessation, laying get leading the pricing the benefit into is term parts. fixed are We're We're over time. some going out we're the back what going in from these and here benefit rate from the to

As cash we Global Markets' use same get the for bit forward a sensitivity. as do, that we'll you then from rolls rate curves, liability We little off, flow repricing. cuts. hedges And from the benefit benefit

piece And to that drive is of this in the to then piece turn growth, We're terms growth. organic trying drive deposit we're that growth. final the trying to loan

more pointed been will and sense of it's as a box you versus out, last a year. rate effects next down will period in better And end and we update we've change we'll towards an to something quarters, normal. the enormous where we come your you fiscal assumptions fading But the the now had structure Brian couple and the assumptions. in stimulus go as history in that pretty unusual our away to give the through of And the

year. all That's maybe deposits maybe growth to the the of for quarter guys Okay. seem bottomed have fair. And piece, last second you in just on

good growth. You've had

with sequentially. the even out, grew think Brian tax pointed you headwind this I quarter,

performance, modest. good but So pretty still

you that -- rate cuts accelerate thinking dynamics of within to in the the about mid-single-digit it thinking deposit it of does we growth are are growth trajectory think guess, the I sort How returning BofA with your about and view? industry? you from historical as as -- kind here, are is What about

Well, sense growth growth the with I X gives a for on row. time over quarters in a chart Slide what's did X. think top-left that's We going covered there. Brian average That

that So good feel we about part.

tax all the tend with a to does be QX quarter just slower payments.

will over deposits get past time, think do better Fed we So as peak we funds. particularly

as in slowing. our the -- see numbers, rotation We can feel they're sort of pricing you like in

getting we're there. getting of towards the the QX. So end We're towards end

feel be excited on I'd driving but deposit so growth, those to getting about we're we and to yet. finished all quite okay not careful too things of we keep we're like got So just far, that. doing

next take Wells question Fargo Securities. We'll Mike from of Mayo our

simple I'll question. start with a

You spreads continue? that? Do have Why is expect mentioned improved. you is that? loan that Where to

because past, the have now in Mike, for it's for balance it's to of or X the primarily course think shareholders the I sheet price the the expect. It's X we commercial that quarters. spreads And businesses. improved our Loan returns have largely us, over

the quite true, in that's purposeful regard. I that We've for think, industry. been And

would we're competitive but and I course it's environment the a foreseeable balance to price time, expect this primarily it's but of tried we've point. to growth phenomenon going over continue future, to And commercial at a So that see. for the

Okay.

us a Slide details You gave there. XX, of lot

repricing, to repricing, whole repricing, X.XX%. it's the I all September of the a litany about loans But talked You interest stuff. led it fixed you the asset put net together, what swaps rate maturing November, of is securities received cuts, auto, think lots mortgage and fixed only margin when and cash

your think I funds on now. below Fed fact, In your assets right yield is

under agree this market. know before, you of NIM always X.XX%? you're earning you So with And I I've mark have asked to would to that that but question

XXXX. mean a NIM? I were is you What in X.X% normal

And I think and NIM? tangible on the equity You the composition changed know what return XXXX. has were is And normal do everything. what's X% normal But you common cycle? through in a

now, as will in feel time. like is number I is additionally, the the to up that of sheet go here. We feel of we like likely X.XX%, go interest we right up say stay I'd But think net So are It to over up. flattish balance income terms kind underearning. goes going

numerator grow. stay to the denominator here. tight pretty The going to is going is So

through normal think we've think there. we're It's time. underearning like to quarter more we a So to over back a cycle, got quarter. after takes number get Mike, grind, We X.XX-ish while. That a a

that's So headed. where we're

the any around in of shareholder. time We time of that -- our because accrued over allocated capital XX% on XX%. we've advance lot higher right or we're for of is it return be course potential now, of over right A terms capital, to in changes. the awful an capital want lot And of

we're a business, NIM the is of that an on thing just enormous you Global some and the And banks than little Markets number. we've final regional different other obviously in impact headline the got I'll an remind makes that

And wasn't then clear. just I Okay.

the net what sure said cards should half first in if wasn't [indiscernible]. I less and to or that second related I charge-offs than be half, sure the wasn't You

me. quite was that actually be of rate, to the or that just determined back XX. -- kind XX Mike, it in the And means That's X.XX%. have because half to X will march we basically, as normal -- delinquencies, but which We're plateaued will at terms it XX where rate a And what the frankly, see it's we X I'm higher so. intolerance, of second pretty flattish. XX charge-off from you a charge-off that saying XX in underwrite to you X since, be is kind of well is know is

to the card second first charge-offs relative Credit decline [indiscernible] in the should half half? Okay.

commercial, to you all that's on also. part and dominant be And Remember, better quarter-to-quarter, has the the to about of second half question Exactly. not which office, if by we the think that's side it the dropped been charge-offs, lot. CRE the then the we spoke consumer -- of -- a expect

Chubak We'll take of our Research. next question from Wolfe Steven

just higher some securities. wanted focused I NIM hoping your opportunity of funding. to ask to on both could just So of cost potentially loans been it's building on of optimize I the lot the speak repricing, from some earlier, questions a asset on you was and to

to how a multiple the but given trajectory to we timeline of we expectations to as it's sources think XX should around X X of beyond -- just to about know pace about 'XX. I how And longer just XX, build looking NIM improvement, NIM get the 'XX, the beyond think NIM the

first point CDs We got question expectation answer replace The that part would of the We've as can off. those of is can some of securities? to this. is shorter-dated higher-cost And that or pay roll that can of Well, not. a we your be ours down an yes. some

We have shorter-dated debt.

of We've footprint continued down taken company. build debt we've our the as strength long-term the to

liabilities It lot of higher ways. a securities reinvestment. be down be can cost as doesn't there's to So paying have different It well.

ways what second fixed can like, time what if different -- use So was period... the second we reinvestment, we've you And then question rate. the was the that got over around the a lot of

The beyond NIM trajectory 'XX.

Yes.

we're We're look, through on We it we're to That's obviously here, trough. meaningful and that trying this So like where feel now. make on the right build we'll strides from is going. it XXXX.

We'll question of Stanley. take Graseck our Betsy Morgan from next

correctly incremental that there's right? from to going another go I on that into Alastair, NII. second hear I off. Yes, be you I did, said you benefits you when roll the think, coming 'XX, of question half swap as hear Did

Yes, that's right.

of half Second 'XX.

So as closer, we'll kind to But it's like. it's to bridge what a year this allows of -- now. some get give that you looks just that right like see be we you able out

it book would second better like understand guess the But of on swap thing. I'm wondering, a to that's this is in sure. -- Yes, how is is then Slide little [indiscernible] 'XX? to gradual how just a And just there understand is it into playing XX. for impacting anything I into switch the Just is half Or what I XQ?

Yes.

with the have cash LIBOR [indiscernible] that's of So the because cash not do was months just we roll Slide from that half course to It's of [indiscernible] for part XX important all really, second Any did this the they're the kind XX is we next flow around to piece. anything of there the in flow year swaps swaps. cessation whatever. off or

And so they all got recouponed.

that. wouldn't worry I about So

and second lower they've longer-dated got older, of onwards, the some coupons. the half In the things,

[indiscernible] number But begin over 'XX, second of in the the half disappear. time will flow when the that's number to So appear. will cash

Betsy. what sense time, you and like for -- we'll give that So over a looks

can Could it. And what's versus a you've the $XXX go the box, to we through of Okay. right-hand the XX, the for as Slide rest track as us the million -- able inputs X just just million Got then $XX to million quarters? side it the so yellow sense of the give $XX be to we to you next million. on got $XXX

can will What interest-bearing? growth make, X the what rotation same rotation thinking be call pricing And the like? using right? between it you will look noninterest-bearing will and pretty the be? closely any the what thing. essentially pricing We're deposit loan to -- need Then We're growth will changes be variables. What we into Yes.

you If you end. towards use the more lower numbers, get conservative

the slightly numbers, towards use more get you you If higher. constructive

yellow box I think the last trying always projecting. the we're part, is this where convey the beginning we're is to of unknowable point quarter at the this

a we've know pieces this little That's around feel The But in like what those pretty that. got more predictable green, point. at certainty of we the look we like. kind

at we higher XXX,XXX working it are the it who depends So obviously, make on to try our end. yellow assumptions, depends hard and But people the dotted our teams that -- box got actuals. on and really

Erika UBS. from Najarian question next our take of We'll

trying your setup square in trajectory the us net interest versus my question Just on first to disclosure. is you're what income telling the

Alastair, about benefit us repricing flow to the the question, repricing, from 'XX. asset a Glenn's second in response So hedges of cash you told as half fixed

down you pointed words, Table of And are do on XXX you look this talking cash because XX you steepener other in half second shift flow from In negative through at that a like get your is sensitive? about? Is notional off. And I parallel rolling both And the look? in income. those to out XX-month is a as scenario, when and have we hedges interest go XXXX, this what asset hedges Q 'XX, a that cash flow underwater additionally, the you're is less net

Yes.

changes. give static. asset sense a for the we is It's if nothing disclosed to So what meant sensitivity totally happens that

difference. one So that's

future of Number two, it's off curve. the

So above it's curve is. whatever XXX whatever below the or future

that other So rates Page so It's that, in like be orange inputs, I NII many time. sort but of take, Erika, on a XX. in of for something because XXXX short-term thing helpful helpful box terms like less helpful moves where a for over it's think predictor there's of really for example, would it's

you're And cash referring that to? what's flow hedges notional of the the

$XXX time? Over I'd about billion. say

how rolling off in half of XXXX? starts that second And the of much

like it Well, about I think this.

quarter. into You that so so the really kind it's almost like just bit have $XX of off -- rated. they the little they're they're that every get can all a like first half ones won't months, current or XXXX, Once the lower next you impact. think XX about coupon of it second It's for billion any roll

I details to begin you you there. Lee some then give think benefit when probably that's So get And can following. more

do X sheet. the much one half slide are balance company question now. you NIM. where and QX normalized path has X that should to X-ish clearly it. of QX to the X sheet in balance had on with I in Got But think you assume more Alastair, X we conversations if I I between with just to a And that could higher than before mentioned is flattish X efficiency.

I'm if take balance curve. whether is of if do we carry assets earn a time, could And 'XX balance sheet shrinkage is of for? can obviously, wondering sheet over with or the your okay, the 'XX, should what do is In it's sheet you X, today the other -- earning words, and and if that's you flattish. the under some X efficiency the and I'm to right keep this your -- X, normalized what BofA math say, out expect to balance that's or apply path can going wondering part market

Yes.

be I higher will question think there. stuff the there to some Yes, if you'd that But asked will off. be over underlying just rate we Steve there's like time. company pay like what growth happen shorter-dated of the that know, will is still have any things we

first I got terms growth So think $XXX assets. of billion, like earning the billion almost in we've self-fund $XXX to of ability some

So down while keep growing we're the that saying that's why numerator. denominator the we're will

Jefferies. Ken take We'll of our question next from Usdin

billion you $XXX wanted AFS on or to book. a bit have, Alastair, side fixed I you also of what, pay just the because portfolio so on the more securities little ask swaps

how the kind how And currently of the know AFS of But in and schedule. about you're so much book? side portfolio thinking maturity at as you just swaps And that we well? the are that those HFS how do HTM about look pay money fixed like

Yes.

have those received fixed. remember, Just

-- start that there. remember, So

is a there. to of We we they typically are AFS that that sitting so securities them put in that got floating treasuries. They're remember we've cash cash have group impact that worry they through. swap it's so far like You our just when the us, about just equivalents. -- they're as look to capital view as to look to concerned. flowing don't regulatory then And like portfolio, they we're We

Ken. it, that's So about how think we

the you that come the securities as forecast? then regards matures forward to do with And Okay. like rate book going or... how off Do those manage

us. of deposits. $X.XX of less got call we've And rate trillion of it's this to interest we've concept trillion mean, loans. an of going more I back Well, It's of for got $X.X

excess. of billion $XXX got we've So

excess the do variety comes can a things. when So of different in, we

it to love loans. in We'd put

always we've put course So part. just over we're love. we for And hold that, the it the to in going if that. to But with in we going first it to or swap choose XX to feel what available to floating our to That's continuing down. can going to the hold maturity probably absence been to. we're of that's obviously, just in we sale, the things to we of now, cash want right pay going quarters. But most for We're choose past having like put keep put maturity in

changes our no around So sale. for to particular philosophy available

was one on that you I the kind Okay. reported. around And of at are hanging a believe XX costs that said quick X expenses. here

kind so color puts put on and And takes of just any here.

better do that revenue-related is just you comp think about and ongoing kind again? Just longer-term against growth how of your efficiencies expense

Ken. Sure,

second the honestly, quarter emblematic. think of I sort is

you If excuse went think quarter and second -- million, about we up by year's last $XXX year's billion second me. this $XXX quarter,

XXX As incentive incentive other was Other really Alastair management, said, company. wealth growth of comps. is which

correlation due and fees. a So to the tighter businesses, idea, are typically and fee have which really the incentive comp related pressures more growth those in between fees expenses we to the face now

at a a that's it -- and not that's -- want. is does So what good growth that grows good expense was It you grow, rate.

this We adding were the around bounced XX teammates. XX of summer relatively year quarter, X this same teammates bunch We're X been basically even flat. quarter, has Headcount last a summer included.

going on. people, redeploying cleanup we the headcount, have management So stuff

on. the it new going have and work freeing initiatives moving over. We're We up

inflation are the buy that that the good all X% inflation managing world obviously, that's third-party markets, to going feel services experiences. we X% we rate So the company. and wages against And about the on in

how managing So expenses. we're good feel about we

is The simple. key it's pretty

the things As to And pandemic we with been quarter, something on until that moving of this all that or thrown expect go got X% way kind the talking stay colleagues aside. like we'll stuff X-year hanging the your back track the you there. in up towards hit We're and to flat, leverage. had relatively NII you list minus that positive about the expenses revenue and is follow has that Alastair operating side equation start

take question of from Gerard We'll next RBC. Cassidy our

deposits. about and of excess you Alastair, both talked you the talked Brian,

Fed does rate I end interest Federal you deposit pointing think us Could Reserve you this it forward obviously the I was you more deposits us of With expect the excess you level, tell your and the as 'XX, Slide to. you go into XX. fall? But your share aggressive to Can Slide cuts. X to calling we you're rates continue put, rate assuming for think, know out your price rates, is how in cuts be XX you fund with in costs? as deposit curve as forward can cut lowering more I go

I and, think customer-specific importantly, business- very that's there. more views

we so context customers strategies our the deposit think our utilize our services. how in of And

consumer because Global And short-term the wealth parts the that so down. cash the come back will up if in price in or down you that think come about Banking rates investment-related equivalents business, the management, as come

happen. fund equivalent, that will market a absolutely it's actually money of it's Some mechanical to because meet priced

so there'll if you you if higher. points, And think at I basis in, us those yes, look come think pickup some rates about and XXX all slide be on that as being down

X are checking, accounts because interest don't [indiscernible]. to move low-interest balance really there's Just they

kind be static. So they'll of

current extremely But context. still valuable the they're in

is $X,XXX basis a year growing a $X,XXX to a from are that think you that's up row, we balances. million when the think X have XXX,XXX points that million $X,XXX the million so, in in transactional accounts So I fact multiple by at all a of years XX-odd consumer, year that XX-odd driven checking maturing to primary or or

value mature base the people the tremendous where goes. this As the relationship deposit with that's us, company of

row, you almost about if think about having about in trough, $X multiple good a you as to -- quarters we dynamic. the amount grown look from so if we balances think X.X that $XXX quarter, it deposit growing billion, -- linked above even trillion And trillion now think that a buy there's

So it will because we of [ pricing it. ]. of move. going deposit think But part never move X remember, But is our about to

XX. with doubt, your And would also on you No Q, indicated right. the quarter think asset Slide that those I the guys I one first you recall deposits. XX cuts. that shows were if Slide also, golden X sensitive. I the other assume question rate are And Right,

or what to more the on really into sheet would Alastair, the neutral position take a should even position Fed a liability-sensitive a rate-cutting balance get it to move environment?

Yes.

the the red asset we're this shows sensitive. So market that -- That's obviously sensitive. bigger box the that's than box. piece liability why this green It's is is

So we're still asset-sensitive, Gerard.

fixed either would we we What lot for some more duration buy us short-dated take it interest-bearing into have rate. a can or could is rotation

alternatives. those So are the X

over time, And course go if the got by XXX, outcome over less is billion the Qs $X really over like, down years the substantially of that go pretty $X or lock-in less the to to what corridor rate-sensitive time you time, see become rates you several look if at We've up of past over recognizing narrowed that rates look per by quarter. billion back here, or narrowed NII the we've because return on whether and you'd XXX time. of the up could our course

And you the stops a stuff. X business environment move person as to sensitivity thing our XX have Gerard, many get been more which if X, who's I'd sort you there without experts what ability you to Fed has or rate is you of a and tighter years down have is so. a because where to out to abnormal around last and bring been say, predict room that the this hitting actually floors tighter last at, years The very funds have, rate for Yes. as this X

to to in the there's for amount a flip around. you us if sensitivity the higher if outcome is floors very higher away time So outcome in. an other the secondly, that to rate rate rate is And just And because environment nominal makes that rate creates as is you. stability, structure that of manage part nominally sense time -- the then will rate the allow low is that which over doesn't kick X so -- and periods of environment go structure

XX, No, on Brian last equity Alastair, one or increased. Yes. it noticed And home actually question. quick Slide I just, your balances does. loan

there the maybe what or And 'XX? that continue forward that? are you or I Or that drives first -- X over in should think that we seeing can into Was a as new years. that's program? go time X

Yes.

locked use have top if the to they've now why of And loan fixed a loans. mortgage I think because borrow, got it and rate expensive just view rate in it. they a sitting reflects on they wouldn't an home it's want people that low equity got they

since It's it been went billion X balance for years. X and only that or -- $XX was like started to X I'd years declining.

to -- billion So it's at mortgage of you at production, have bottom look billion. $X.X note see the year-over-year and page, good I'll that you $X.X if

originations And we'll and see is flattish. the which see they're you line at look is have solid. home in that finally nice -- kind it to equity balances new the production, of boxes, actual But stabilized

just not coming growing, but really keep see hopefully, utilized. it's not they'll be down, They're nice and start to them to

first. of consumers but Our doesn't equity reasonable at to part the that be expectation will the in would refinance be is rate their a they as whole over time to home require want out take

Juneja Vivek question our JPMorgan. take of We'll from next

you what -- Or you bit look by sort it XQ? you an faster seeing Is the slowed Just of was and look sharply. segment, month a end slowing clearly at a are you just has When little deposits. noise truly little color rate. can, as around at on month? basis, Is the that of talk Period please? customer noninterest-bearing or down on decline if a that by it end average to

Yes.

fact, I catching think things. you're the X

it we it's noninterest-bearing. cash end is mostly That's That because transactional that slowing. one and is day, expect First slowing, at this of accounts. why is in the rotation is It's would motion. the

has it it it [indiscernible] of may little they out this quarter their allow put payments. answer they a big and the out wiring account, -- into tax their from frequently then different pull just of the put into because noninterest-bearing, it -- of can it's to -- payment And do brokerage tax their seasonality they're there. is they why it a

this an quarter. that's in going So in what's on that's again example but money motion, of

you A derivatives have quarter? Vis-a-vis this trading in your anything equity gains, quick one. derivative did revenues

note. years ago. would sold that's just recycled with balance unwind Nothing on We've And happened a to to position That's Nothing it. anything Visa we highlight. the sheet.

So it shouldn't to have any revenue. impact

from We'll question take a Deutsche Bank. Matt O'Connor of

more you waiting nice in forward? thought, than going you but you targeted would are of about Obviously, guys got buffer. a thinking your we're have levels capital final for How a still kind little there's SCB rules. still Maybe volatility

piece in commented And was this then little I guess a over creep kind one securities. causes probably than, I last call the right, balance of thinking That's of remixing sheet. time higher is loans say, throughout the like RWAs, been

guidelines? And but excess of we about it lots now final So takes. capital, and are when puts some and you how get thinking between

think always to capital I off, use to we first grow want So business. the the

if growth want something, to to first. that's it outcome, or we need a do what So good use and for RWA loans to that's support we

Second, XX.X% little RWA quarter-to-quarter increase. with we maintained bit a

would that out of dividends. in think $X.X billion paid we be I emblematic. sort And $X.X bought billion,

basic lot So you the grow need a that demands we expect straightforward amount. to a with because kind of that RWA met don't fairly of in of on are capital of idea terms to continue

a maintain dividend We're type is back on is buybacks. we'll reality whatever rates And we'll management have the of the We'll dollars. nice a that. of of job -- the amount earning in because -- view in make basis to XX get buffer the is are. point our there's seen. The volatility done requirements to it it deploy discussion our and different terms plan absorbable But time and whole the is into the of we've to that well, the you volatility, within a wisdom

various plus or XX that see then And see a see tighter XX XX So how is little the you year, got get you -- of whether think SCB we rules a X new we've the we'll adjust. Maybe the absorbed coming the you've new next And and agree easily through. basically X. finalization but great requirement of to what we'll we'll feel if not, I insight to just correlates with volatility But under happens happens, aspects. it. that what and to what and think the all come is out,

the where that's economic that talking support to just current the about But about basically it modest environment, to earnings good flowing are we need. rest and back are the growth But really, available current feel you. of we're in expect all we relatively goes

XX little then I and that's X summarize to kind that, down the And you a term to for bit X state wait obvious bringing near like more the capital to Okay. theoretical do about of out? in play the think or to mean, XX rules just the

how think or out we a just days the -- here, to discussion et next lot XX, I we timing about XX, not, need of cetera. play the reproposal see XXX of a

spot think but have learning over continue that. outcome time So in creation and period I these on the of But of a of flexibility focus value the of -- lot for shareholder lot next we of of a we're to industry terms critical here. the in we a short things

That concludes to return call the I'd our Moynihan comments. happy session for be to question-and-answer today. for closing Brian

lot we to you focus questions, Thank for answer here answered give you it. and to you, Slide NII, a the the on operator. the of of today. us Thank of a Obviously, joining all you gave lot Lee XX is bridge. Alastair

growth key to quarters what's is starting customers. to staying growth Those has drive that's just in value very a very Loan but low, driving X organic now. our going understand are which the and The for is is row positive. grow stabilized and of this franchise, got performance, that, to low by like deposit which and

fee banking services coupled the performance of team. markets this investment in our by and, fees. even quarter of fees, done strong wealth payment management course, That's great work with growing, fees Consumer terms global fees

a level of again was that us company, that flattish that lot in in expenses. lot the and excess gives generates capital, we So your back a of put earnings, start hands. operating to and chance a leverage driving It

to attention. time forward look We and for you thank your you next quarter. So talking to

This earnings does conclude today's Bank announcement. of America

Everyone, a have lines. your great disconnect day. may You