Bank of America at Barclays Conference Notes

Brian Moynihan – Chairman of the Board and Chief Executive Officer

We have pivoted to focus on responsible growth

“The good news is this is largely behind us and we’re pivoted to focus solely on responsible growth. One of the elements that I’ll talk about responsible growth is that we have to grow within our risk framework and not ever let the situation repeat. ”

We have to grow

“we have pivoted company from as recently as a year ago dealing with major litigation and settlements to what we call responsible growth. Now, responsible growth has four elements to it. We have to grow, no excuses. We’ve had hundreds of billions of dollars of run off of assets, businesses risk that we’ve taken out of this company, but the reality is now we got to grow through all that.”

We have to do it organically

“The second is we have to stay on a customer-focused strategy. We’re not out there purchasing portfolios of loans or buying businesses that grow, it’s completely organic growth and it’s based on going after one customer at a time. ”

18.2m mobile banking customers

“We’re at 18.2 million mobile banking customers. It grows 5,000 more every single day. Our computer based customers are 30 million and actually have started growing again slightly.”

We would expect to benefit from whatever rate changes

“We would expect the benefit generally from whatever rates changes, and it can happen by the Fed raising rates or even the belly of curve moving up and there’s a lot of factors. But it’s roughly 60% short-term driven and 40% long-term driven. And the way we calculate the number, it’s a 40% pass-through in deposits, but it’s not 40% from day one, and as the rates go up, you pass-through more, so you probably get a little more pop out of the shorter. The short rise for the first 50 basis points comes through more cleanly.”