Bank of America says NII to benefit from growth in loans, deposits in 2H
Bank of America CFO Paul Donofrio says liquidity remained strong. Says sees seasonal headwinds in Q2. Says expects growth in NII to be consistent with general economy. Says expects NII to benefit from growth in loan and deposits in 2H. Says continues to improve efficiencies. Says reduced management and management layers. Says quarterly progression of expenses in 2019 may look a little different than previous years. Says expects net charge-offs to approximate $1B level for remaining quarters of the year. Says saw continued strong momentum in Consumer Banking. Says saw more customers sign up for Preferred Rewards. Says sees strong client engagement for Global Wealth & Investment Management. Says felt the impact of the government shutdown in Global Banking. Says revenue decline in Global Markets reflects lower sales and trading revenue and lower investment banking fees. Says investors remained cautious through the quarter given geopolitical uncertainty. Says remains more oriented towards credit products than macro products.