- New BAC cost savings at a $2B annual run rate are now expected to be achieved by Q4 of this year vs. the previous goal of 2015. LAS expense excluding litigation, however, isn't falling as fast as hoped and should decline to $1.1B by Q1 2015. Full-time equivalent employees of 233.2K slips from 238.6K at the end of Q1 and 257.2K one year ago.
- Mobile banking customers grew to 15.5M and 10% of deposit transactions are now done through mobile deposits. Banking centers of 5,023 are down 72 from Q1.
- Earnings call presentation slides
- Tangible book value per share of $14.24 rises from $13.81 at the end of Q1, and $13.32 one year ago. Common equity tier 1 capital ratio of 12% rises from 11.8% at the end of Q1.
- The settlement with AIG doesn't mean the end of the Article 77 hearing, but that company was the largest holder and strongest objector to the $8.5B settlement
- Previously: Another big bank beats; this time BofA
- Priced in? Up more than 3% in the past three sessions on strong earnings from Wells Fargo, Citi, JPMorgan, and Goldman, BAC is lower by 0.5% premarket.
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