Bank of America Corporation (BAC) Barclays Global Financial Services Conference (Transcript)

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Bank of America Corporation (NYSE:BAC.PK) Barclays Global Financial Services Conference September 12, 2022 3:30 PM ET

Company Participants

Brian Moynihan - Chief Executive Officer

Unidentified Analyst

Moving right along, wrapping up this morning -- today's presentations in this room, very pleased to have Bank of America. As everyone finds their seats, we'll put up the first ARS question, just get everyone situated. As we've asked the other companies, what's your current position in the shares of BAC?

Just to make me feel good. Well, let's see what the answer is. It may not. We put over with. So 56%. So, Brian, this should make you feel good because I -- off the top of my head, I do think that's number one or two from the banks that we've seen so far today, although for the other part of the people that didn't put that, maybe we'll go to the next question.

Despite the fact I would say that, people seem to own it, your multiple is rather low, at least relative to over the last few years. So to the audience, what do you think is weighing on the most on Bank of America's valuations?

And, let's see, credit quality is one and we're going to certainly get into that, followed by capital. So we're going to make sure we at least touch on those two. But before we get to there, we've had a full day of bank presentations. And maybe we could just start big picture and talk about the bank's competitive positioning. And for those that are maybe not in the overweight camp, if you were pitching Bank of America's stock, what would be the story?

Brian Moynihan

I think, if you think about who we serve, we serve global enterprises, meaning investors like everyone out here and corporations

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