Bank of America 2Q17 Earnings Call Notes

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Paul Donofrio

Changed disclosure to headcount from FTE

“Please note that we have changed our disclosure on employees from FTE to headcount this quarter. By the way, that was the same idea from one of our associates. FTE is much more complicated to calculate and less relevant today given our shift from part time associates, as you can see the headcount is down more than 4,000 from Q2 2016.”

Consumer and investor are very bullish on America

“I think Marty across all the years since the crisis there has been ebbs and flows in customers’ views about where they want to invest and the cash portion of our balances has come up and down. But I think the consumer and the investor are very bullish on America and they continue investing in consumers through their spending and activity and investors on a personal side through their investments and you’ve seen those investments in equities and risk products continue to rise almost without fail. And then when there’s real market disruption concern you see a pullback a little bit, but basically without fail has been a steady investment and that’s why we’ve had assets under management levels of record levels at this point.”

Feel good about loan growth pipelines

“We feel good about long growth unless the economy changes significantly we wouldn’t expect much change from the past quarters. We did see a little bit of dissemination this quarter in commercial that could slow growth in the future. But having said that, we haven’t changed our medium term outlook on our ability to grow loans, we expect total long growth for the company to be a low single digit. And we expect to grow mid-single digits in our lines of business. That obviously excludes the headwind from loans and all other mortgage one-off and now U.K. card is gone.”