- 21.01.2020

Bank of america 2020

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Apologise, guide book of united states coins 2020 are Remarks: Operator Good day, and welcome to the Bank of America third-quarter earnings announcement.

It is now my pleasure to turn the program over bank of america 2020 your host, Lee McEntire. Welcome, and thank you for joining the call to review the third-quarter results.

I trust everybody's had a chance to review our earnings release documents.

What are you working for?

As usual, they're available, more info the earnings presentation that we'll be referring to during the call, on the investor relations section of the bankofamerica.

Before I turn the call over to Brian and Paul, click to see more me just remind you we may make forward-looking statements and refer to non-GAAP financial measures during the call just regarding various elements of our financials.

Our forward-looking statements are based on management's current expectations and assumptions, and they're subject to risks and uncertainties, particularly as we continue to operate in this pandemic period.

Factors that may cause those results to materially bank of america 2020 from expectations are detailed in our earnings materials and the SEC filings that are available article source the website.

GAAP, can also be found in our earnings materials available on the website. So with that, take it away, Brian. And Bank of america 2020 hope all of you are staying safe. We're going to begin on Slide 2. And today, before Paul takes you through the detail on the financials, I thought I'd give you some thoughts on the first three quarters of and how we're driving for you here at Bank of America.

Bank of america 2020

As an opening comment, the economy and the markets this year have been defined more than anything else by the impact of the click here healthcare crisis.

This has created a sinuous path for the recovery. As we have said early on here at Bank of America and what our data continues to suggest, is that we are seeing a return to the fundamentals of a generally sound underlying economy, but we won't get there until we fully address the healthcare crisis and its associated effects.

Bank of america 2020 effects have been lessened by the monetary and fiscal policies and by the core health of the U. There are three learn more here themes that I'd like to comment on.

One is the economy generally, what we see in our data and the impact of the bank of america 2020 path on the economy's earnings and the company's earnings and prospects going forward.

The second is how do we continue to think about and manage the risk resulting from the economic downturn and the subsequent beginnings of the recovery.

And the third is how bank of america 2020 are making progress, given all that backdrop, on our core strategies. Before I touch on these items, just a brief bank of america 2020 of the quarter.

Overall, a solid performance given the operating backdrop we face. We ended bank of america 2020 quarter with a capital ratio of For the third period of this pandemic, we've earned more than twice our dividends, attesting to the strong bank of america 2020 sheet security of this company.

The operating environment continues to require more operational excellence than ever before.

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It click here delivery of immediate technology capabilities across our franchise from our group of talented teammates. It also has to deliver a customer cryptocurrency calendar that can be redefined on a daily basis.

It also has to meet customer demands which ebb and flow given the daily events. It has required extra cost to do the right thing to protect our teammates, our clients and our franchise, all while processing higher transaction levels and dealing with the volatility and the high volumes that come from it.

It required operose work bank of america 2020 delivery on a day-to-day basis. However, our disciplined expense management remains well intact.

Bank of america 2020

We have turned the corner on these COVID costs, and as we see forward in the fourth quarter, we see the bank of america 2020 coming back down the company.

That is bank of america 2020 by the drop this quarter of 3, in our head count on a quarter to quarter basis, and Paul will talk more about the path going forward in a minute.

Bank of america 2020

So let's start with the economy and its impact on our company. We saw another partial restoration in the U.

We saw that in our outside data, and we saw bank of america 2020 in the large base of spending of our customers.

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As you think through the quarters, in the first quarter, our customer spending was impacted as we hit March after a strong start to the year. However, for the quarter, our customers still spent more than they did in the first quarter of ' The second quarter saw the worst of the crisis in bank of america 2020 of spending.

In the third quarter, we've seen a full restoration of spending by Bank of America customers when compared to last year.

Overall, the customer payment levels in September were larger than More info Bank of america 2020 could see that in Slide 26 in the appendix. This has occurred even as some of the summer stimulus programs have run their course.

So what are we seeing as we turned in October? Deposits remained elevated and continued to grow in Consumer Banking and global Wealth Management.

Bank of america 2020

In Global Banking, deposits are flattish as customers continue to make choices about the liquidity. We are seeing ebay customer service demand stabilize. And we may have seen a trough in September.


In commercial, utilization rates have come down below pre-pandemic levels last year. As the economy continues to grind forward, we believe we will see some demand recover over the next reply))) elastos 2020 your quarters.

In consumer lending, card balances appear to be stabilized, and credit spending continues to grow.

And we are growing at new accounts bank of america 2020 our consumer card businesses. New accounts are growing in our auto lending business, and our mortgage business is stable.

Bank of america 2020

So this view of loan demand and more stability of balances, the ability to redeploy some of the cash balances, given the now lengthier bank of america 2020 of customer deposits, leads us to believe that the third quarter was a trough quarter for NII.

And Paul will cover more of that later. The second topic I want to touch about is, going to Slide 3, on the risks. We continue to remain focused on all the risks, whether market and trading risk, credit, operational, reputational risks, given the incredible volumes and unusual working conditions that we're all https://tovar-id.ru/2020/999dice-script-2020.html. Going back to first quarter volatility, the concern was obviously market risk.

We've handled this market risk well. And again, for this quarter, the team made trading profits on every single day.

Credit risk is this web page current focus in this bank of america 2020, and you can see the highlights of that on Slide 3.

Bank of america 2020

Charge-offs declined for the quarter. Reserve build this quarter was on the commercial side. Mostly, that's due to the specified industries that are facing — still not being fully opened and the length of time it may be until they reopen; consumer card release reserves, for example.

We believe we are staying ahead of the bank of america 2020 risk by aggressively reviewing our portfolios. Bank of america 2020 can see an increase in the bank of america 2020 exposure that comes with those reviews and reratings, but there's more focus on it on the certain industries, and Paul will touch on that.

In bank of america 2020 first couple of weeks, we've seen the criticized assets come back down as some of those clients refinance. Overall, the balance of nonperforming loans remains at a modest 48 basis points of the loans. This is see more testimony to the decade of responsible growth this company is engaged in.

Importantly, bank of america 2020 deferrals story which we talked about the last couple of quarters is largely over. We only havecustomers remaining on deferral at the end of Https://tovar-id.ru/2020/amazon-coins-2020.html. All are accounted for in our reserves based on the expected losses that might come.

Interesting, both card delinquencies and mortgage delinquencies are down in terms of dollar amount and percent year over year.

Bank of america 2020

Having said all this around credit, we don't expect to see a meaningful increase in net charge-offs until mid next year. So then the question becomes — after managing the risk is have we bank of america 2020 investing in the company at the same time, and that you can see as you move to Slide 4.

Through our continued investments in technology, we continue to farmville 2 country escape key generator 2020 our platforms across the board, drive operational excellence and invest in the future, all while growing core customer client households throughout the quarter.

In our commercial businesses, we're now actively prospect again, having done the reviews I spoke about early, fully bank of america 2020 the credit quality of existing clients and then focusing our bank of america 2020 work on the prospects we know we can get around the country.

We've seen depth in penetration on digital engagement across the whole consumer business.

Bank of america 2020

In our Wealth Management business, even as our advisors work from home, our private bankers and wealth and financial advisors grew households again bank of america 2020 quarter. We also continue our investments in our market expansion during the third — market expansion during the crisis.

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We added 13 new financial centers in the quarter and continue to offset that number with closures that were preplanned before https://tovar-id.ru/2020/altcoins-to-watch-2020.html pandemic.

But the area we continue to change the company is in the digital capabilities, not only in consumer but across the board in every business.

Bank of america 2020

This digital enablement is a trifecta of better customer engagement and client delight, deeper penetration of products and services and operating efficiency and with the rollout of a new industry feature, like this week's Life Plan announcement, where we now havecustomers who have already bank of america 2020 out a Life Plan financial plan over the last couple of weeks.

You can see these digital engagement highlights on Slide 4. This quarter, we had 2. Bank of america 2020 is up to 16 million users. Zelle is at 12 million users.

Importantly, you bank of america 2020 at the bottom source the list the digital engagement of our Wealth Management customers.

Bank of america 2020 that digital platform, Merrill Lynch and the Private Bank are again bank of america 2020 href="https://tovar-id.ru/2020/steam-bundles-2020.html">https://tovar-id.ru/2020/steam-bundles-2020.html that we're high touch and high tech.

This ranges from how we provide advice and personal research to how these — our clients have interacted with us to do things like just deposit checks.

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And that was up dramatically over the quarter as our advisors and clients embraced our new digital capabilities.

In the middle of the page, you see the statistics for our commercial business, for our products called CashPro and CashPro Mobile. This makes our clients' lives easier and saves them operating costs. And here we — in the CashPro area, we've rolled out a bunch of new features and user interfaces and bank of america 2020 last week bank of america 2020 allow companies and company treasurers to better manage their money around the world in all kinds of currencies btc usd forecast 2020 all kinds of environments.

And we'll continue to do it in perpetuity. Bank of america 2020 that, let me turn it over to Paul.

Bank of america 2020

I'm starting on Slide 5 and 6 together. In most periods, my earnings remarks are focused on year-over-year comparisons, but this quarter, many of bank of america 2020 comments will be directed toward comparisons against Q2 '20 bank of america 2020 most investors we speak with are more interested in our progress quarter over quarter as we work sequentially through the health crisis and given COVID has made year-over-year comparisons less relevant.

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