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Moynihan talks shop after strong quarter

Published 04/20/2017, 03:52 PM
© Reuters.  Moynihan talks shop after strong quarter
BAC
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  • Dropping by Barron's today, Bank of America (BAC +1.6%) CEO Brian Moynihan was in no mood to take a victory lap after the bank's strong Q1. He instead remains focused on stability, cost-cutting, and "responsible growth."
  • Noted by Moynihan: A simpler bank with just four checking accounts offered vs. as many as 23 previously; an improved mix of loans - split nearly 50/50 consumer and commercial.
  • Of capital returns, Moynihan isn't expecting a change from last year, when 70% of the $7.7B returned to shareholders was from buybacks, and 30% from dividends.
  • He expects the Fed to hike twice more this year, and says BofA might feel less pressure than most as a large portion of its deposits are in non-interest bearing checking accounts.
  • Now read: Bank Of America Stock: Coming Price Range As Seen By BIG Funds


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