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Home » Bank of America’s (BAC) CEO Brian Moynihan on Q3 2014 Results – Earnings Call Transcript

Bank of America’s (BAC) CEO Brian Moynihan on Q3 2014 Results – Earnings Call Transcript

Bank of America Corporation (NYSE:BAC)

Q3 2014 Results Earnings Conference Call

October 15, 2014 08:30 AM ET


Lee McEntire – Investor Relations

Brian Moynihan – Chief Executive Officer

Bruce Thompson – Chief Financial Officer


Betsy Graseck – Morgan Stanley

Glenn Schorr – ISI

Jim Mitchell – Buckingham Research

Jon McDonald – Sanford Bernstein

Mike Mayo – CLSA

Matt O’Connor – Deutsche Bank

Guy Moszkowski – Autonomous Research

Brennan Hawken – UBS

Ken Usdin – Jefferies

Paul Miller – FBR Capital Markets

Matthew Burnell – Wells Fargo

Chris Kotowski – Oppenheimer

Steven Chubak – Nomura


Good day, everyone. And welcome to today’s program. At this time, all participants are in a listen-only mode. Later you’ll have the opportunity to ask questions during the question-and-answer session. (Operator Instructions). Please note this call is being recorded and I will be standing by should you need any assistance.

It is now my pleasure to turn the conference over to Mr. Lee McEntire. Please go ahead, sir.

Lee McEntire – Investor Relations

Good morning. Thanks everybody on the phone as well as the webcast for joining us this morning for our third quarter results. Hopefully you’ve had a chance to review the earnings release documents available on our website.

Before I turn the call over to Brian and Bruce, let me just remind you, we may make some forward-looking statements today. For further information on those, please refer to either our earnings release documents, our website or our other SEC filings.

So with that, let me turn it over to Brian Moynihan, our CEO for some opening comments before Bruce goes through the details.

Brian Moynihan – Chief Executive Officer

Thanks, Lee, and good morning everyone. Thank you for joining us to review our third quarter results. As you know, our bottom-line results were heavily impacted by previously announced settlement with Department of Justice. But given that, I’m still encouraged by what we accomplished this quarter. Our business has generated enough earnings to absorb the $5.3 billion charge and still reported positive net income before preferred dividends.

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