BofA Takes $2.9 Billion Tax Code Charge in 4Q

The transcript discusses various financial metrics and impacts on banks, focusing on revenue growth in wealth management and consumer banking, and the effects of the Tax Act on net income. It highlights the complexities of deferred tax accounting and its challenges. The discussion also covers Bank of America's tax charges and the rise in net interest income, emphasizing the positive performance despite one-time tax impacts. Overall, the financial outlook appears strong, with investors largely unfazed by temporary tax-related charges.

What was the percentage increase in consumer banking revenue?

• 5%

• 12%

• 7%

• 10%

What was the charge amount included in the net income due to the Tax Act?

• $2.4 billion

• $3.5 billion

• $3 billion

• $2.9 billion

What is one of the main challenges banks face with deferred tax accounting?

• Managing loan defaults

• Understanding deferred tax accounting

• Calculating interest rates

• Predicting market trends

How much did Bank of America's net interest income increase in the fourth quarter?

• $10.5 billion

• $11 billion

• $11.4 billion

• $11.5 billion

Why do investors not worry much about the tax charges?

• They are recurring

• They are one-time charges

• They are too small to matter

• They are offset by other gains