Brian Moynihan on Consolidating Bank of America

The transcript discusses a company's strategy to consolidate and reduce operations, focusing on core franchises and reducing assets from $2.7 trillion to $2.2 trillion. It highlights the global nature of their corporate investment banking and markets business. Due to legal restrictions, the company cannot acquire depositary institutions, leading to a focus on organic growth by opening new branches and investing in technology. The CEO emphasizes the importance of organic growth and the challenges of managing a large, historic company.

What was the primary reason for the company's consolidation process?

• To acquire more depositary institutions

• To expand into new international markets

• To align with the core franchise and reduce risk

• To increase the number of credit card operations

Which two businesses does the company maintain on a global scale?

• Retail banking and wealth management

• Consumer banking and technology services

• Corporate investment banking and markets business

• Credit card operations and commercial banking

Why is the company unable to acquire more depositary institutions?

• To prioritize technology investments

• To focus on international expansion

• Because of legal restrictions on holding more than 10% of deposits

• Due to a lack of financial resources

What is the company's strategy for growth given the legal constraints?

• Investing in cryptocurrency

• Merging with international banks

• Focusing on organic growth by opening new branches

• Acquiring smaller banks

In which cities is the company planning to open new branches?

• Houston and Dallas

• Miami and Orlando

• Denver and Minneapolis

• Los Angeles and San Francisco