Bank of America Cost Cuts Lead to 43% Profit Gain

The transcript discusses Bank of America's fourth-quarter earnings, highlighting a $0.40 earnings per share and a $1.8 billion increase in stock buybacks. It notes a 6% rise in net interest income, outperforming nominal GDP. The conversation touches on credit losses, revenue performance, and the importance of cost-cutting, with Bank of America having reduced costs by $20 billion over five years. The focus is on understanding the financial strategies and outcomes of the bank.

What was the reported earnings per share for Bank of America in the fourth quarter?

• $0.40

• $0.30

• $0.50

• $0.60

How much is Bank of America planning to increase its stock buybacks by?

• $2.0 billion

• $1.8 billion

• $1.5 billion

• $1.0 billion

What percentage did Bank of America's net interest income increase by?

• 5%

• 4%

• 7%

• 6%

Which area of Bank of America's revenue was lighter than expected?

• Retail banking

• Fixed income trading

• Corporate lending

• Equity trading

How much has Bank of America cut in costs over the last five years?

• $25 billion

• $20 billion

• $15 billion

• $10 billion