Last quote by Brian Moynihan
Brian Moynihan quotes
We can keep doing that. It would be easier if rates were a little bit higher, but that didn't happen and we are not waiting for it.
A rise in rates makes us seem a lot smarter to the world because we make more money. It's $4 billion-plus on a core-basis a year if rates go up 100 basis points, but we are not waiting for that.
As you look at the month of August, which we just got the final details on, it'll be the strongest consumer spending growth in debit and credit cards year-over-year this year.
The year-to-date consumers on our debit and credit cards are spending 4.7 percent more than they did last year, and the pace is accelerating. So, the consumer is in very good shape credit-quality-wise, spending-wise.
The consumer loans that we're putting on today, I'd say, compared to a year ago are pretty much the same. Compared to 10 years ago, much better quality.
But there's still plenty of opportunity to grow.
Near as we can tell, we spend about $1 billion a year just moving cash around in our company.
The attrition we see is ... in the lower production levels, mainly due to people not being able to build a book of business.
It's a constant reduction in personnel through hard work and automation.
The question is, can we grow earnings without rates improving? We believe we surely can.
Our responsible growth strategy led to improved customer and client activity and each of our four business segments reported higher earnings than the year-ago quarter. We also moved closer to our longer-term performance targets.
We had another solid quarter in a challenging environment.
Our results this quarter reflect our ongoing efforts to improve operating leverage while continuing to invest in our business. We increased net interest income (and) managed expenses tightly.