More on Bank of America (BAC) Q2 earnings: Efficiency ratio improved to 69.8% from 77.5% last quarter and 77.6% a year ago. Headcount of 257,158 employees off 5.7K Q/Q, off 18K Y/Y. Tier 1 Capital Ratio of 10.83%. Beginning the CC (CC slides), CFO Bruce Thompson says the bank is well-positioned to meet the new 5% capital requirement by 2018 (were at 4.9-5% during Q2). In a pre-call interview, management said the mortgage pipeline was off just 5% at Q2's end: "I'm not sure we'll see the magnitude of impact others discussed." What about Merrill Lynch? Wealth management revenue +9% Y/Y to $4.4B, with net income up 38% to $758M, assets up 17% to $84.2B. Shares +1% premarket.