POLICY
POLLCY
POLL-- MONETARY POLICY IS GOOD N
POLL-- MONETARY POLICY IS GOOD W
POLL-- MONETARY POLICY IS GOOD .
MARIA: YOU'RE ANNOUNCING
EMPLOYEE BONUSES FOLLOWING THE
TAX REFORM PLAN.
TELL US ABOUT THAT.
>> LAST YEAR A LOT OF COMPANIES
GAVE A BONUS AFTER TAX REFORM
CAME OUT.
WE CAME OFF RECORD EARNINGS FROM
THE COMPANY.
THE TEAM AND THE BOARD THOUGHT
IT WAS IMPORTANT TO RECOGNIZE
OUR TEAMMATES.
SO $1,000 TEAMMATES WHO EARN
$100,000 AND RESTRICTED STOCK
UNDER $350.
THAT'S TO THE TEAMMATES WHO
DESERVE IT WHO DID A GREAT JOB.
IT'S A BILLION DOLLARS BECAUSE
OF TAX REFORM AND GOOD EARNINGS.
MARIA: THE TAX CUT PLAN HAD A
BIG IMPACT, THEN?
>> IT DID.
IT INCREASED OUR EARNINGS.
WE'RE SHARING THAT SUCCESS WITH
OUR TEAM.
MARIA: LET ME ASK YOU ABOUT THE
OTHER BIG POLICY WITH REGARD TO
THE ECONOMIC GROWTH AND THAT WAS
THE ROLLBACK IN REGULATION.
HOW IMPACTFUL WAS THAT FOR BANK
OF AMERICA.
YOU CLEARED AWAY MUCH OF THE
LITIGATION IN THE LAST 10 YEARS.
TELL US WHERE THAT STANDS RIGHT
NOW AND THE REGULATORY BURDEN
THAT HAS BEEN LIFTED.
>> WE'VE DONE A GREAT JOB OF
CLEANING UP THE COMPANY AND
GETTING THE REGULATORY STUFF
BEHIND US.
FOR THE BIGGEST BANKS, THERE'S A
CAREFUL AMOUNT OF REGULATION.
WE'VE BEEN TRYING TO BRING IT
BACK TO THE MIDDLE A LITTLE BIT,
CAPITAL LEVELS, LIQUID AT THIS
LEVELS, THE WAY THE STRESS TEST
WORKS.
THEY'VE BEEN FOCUSED ON THE
SMALLER, MID-SIZED BANKS WHICH
THEY SHOULD HAVE FOCUSED ON.
THE NEW BILL THAT THEY'RE
IMPLEMENTING, BUT OVERALL THE
ENVIRONMENT'S GOTTEN MORE
BALANCED AND WE HOPE IT WILL
CONTINUE TO DO SO.
MARIA: WILL YOU BE ABLE TO
UNLEASH MORE CAPITAL TO PAY
SHAREHOLDERS AND RAISE THE
DIVIDEND?
>> IF YOU THINK ABOUT IT, WE
WENT FROM -- BEEN RAISING THE
DIVIDEND THE LAST COUPLE YEARS.
WE REPURCHASED $20 BILLION OF
AUTHORIZATION REPURCHASE AND
THAT'S BECAUSE WE HAVE ENOUGH
CAPITAL TO SERVE OUR CUSTOMERS,
WE HAVE ENOUGH CAPABILITY TO
GROW LOANS AND WE CAN DO THAT
WITHIN THE CAPITAL LEVELS WE
HAVE AND THE EARNINGS ARE GOING
BACK TO SHAREHOLDERS.
MARIA: WHAT ABOUT WEALTH
MANAGEMENT?
DO YOU SEE EXPANDED WEALTH HAD
MANAGEMENT THROUGH ACQUISITIONS.
>> IT'S ILLEGAL FOR US TO DO AN
ACQUISITION IN THE UNITED
STATES, IT'S NOT PERMITTED
BECAUSE OF THE MARKET CAP.
MARIA: EVEN WITH WEALTH
PARTICIPATE?
>>
WELTMANAGEMENT -- WEALTH MANAGEM
WELTMANAGEMENT -- WEALTH MANAGEN
WELTMANAGEMENT -- WEALTH MANAGE?
>> WE'RE ADDING FINANCIAL
ADVISORS, ADDING THEM IN NEW
MARKETS AND WE CONTINUE TO GROW
THE BUSINESS.
WE'RE GROWING ALMOST $3 TRILLION
IN ASSETS FOR THOSE CUSTOMERS.
MARIA: HOW IS THE BUSINESS
COMMUNITY VIEWING THE POLICIES
COMING OUT OF THE TRUMP
ADMINISTRATION?
YOU'RE ON THE BUSINESS ROUND
TABLE AND YOU CHAIR THE HEALTH
CARE SUBCOMMITTEE.
TALK TO US ABOUT WHAT BUSINESS
IS SEEING FROM THIS
ADMINISTRATION AND WHAT YOU'D
LIKE TO SEE DIFFERENT, GIVEN THE
MIDTERMS TOMORROW.
>> I THINK AMERICAN BUSINESS WAS
VERY FAVORABLE TOWARDS REGULAR A
LA TORI REFORM, GETTING THE
BALANCE BACK.
AMERICAN BUSINESS WAS FAVORABLE
FOR TAX REFORM, GET THE RATE AND
TERRITORIAL SYSTEM.
FOREIGN BUSINESS CANS DO MORE IN
THE U.S.
THE ISSUE OF THE TRADE WAR IS ON
PEOPLE'S MINDS, WHETHER IT GETS
RESOLVED SOON I THINK IS
CRITICAL.
WE'VE GOT TO REACH AGREEMENTS SO
PEOPLE CAN PLAN BUSINESS.
RIGHT NOW PEOPLE UNDERSTAND THE
DEBATE AND TRYING TO BECOME
RECIPROCAL WITH OTHER COUNTRIES
BUT THEY'RE NERVOUS WOULD
WHETHER IT'S ABLE TO BE DEALT
WITH IN A REASONABLE PERIOD OF
TIME LET'S WATCH THAT PLAY OUT.
IT'S NOT AN ISSUE RIGHT NOW.
MARIA: ARE YOU WORE HE READ
ABOUT THE FIGHT THE U.S. IS
HAVING -- RECORD WEED
HAVING-W- RECORD WEED
HAVING-WORRECORD WEED
HAVING-WORRICORD WEED
HAVING-WORRIEDRD WEED
HAVING-WORRIED A WEED
HAVING-WORRIED ABOEED
HAVING-WORRIED ABOUTD
HAVING-WORRIED ABOUT THE FIGHT
U.S. IS HAVING WITH CHINA.
>> THE PRINCIPLES PEOPLE ARE
TRYING TO STRAIGHTEN OUT ON A
FAIR BASIS FOR BOTH COUNTRIES,
WHICH IS HOW TO HAVE PEOPLE
REGULATED, CAN YOU OPERATE IN
THE COMPANY FREELY, CAN YOU KEEP
YOUR DATA AND USE IT AROUND THE
WORLD, THOSE ARE CRITICAL THINGS
TO GET TO.
MARIA: IN TERMS OF B OF A'S
EXPANSION YOU'RE TALKING LARGELY
DOMESTIC.
YOU MENTIONED A COUPLE MARKETS
YOU'RE BUILDING UP IN TERMS OF
BRANCHES.
ARE THERE PLANS TO DO
INTERNATIONAL BUSINESS EXPANSION
IN A PLACE LIKE CHINA?
>> WE ALREADY OPERATE IN CHINA.
WE OPERATE IN THE CAPITAL
MARKETS AND A BANK AND TREASURY
SERVICES.
WE OPERATE AROUND THE WORLD.
WE HAVE 15, 20% OF REVENUES ARE
--
MARIA: WHAT CAN YOU TELL US
ABOUT OPERATING IN CHINA?
>> JUST TO GIVE ASIMPLE THING,
WE CAN'T OWN THE EQUITY
BUSINESS.
WE HAVE TO HAVE A JOINT VENTURE.
THEY MOVED IT UP A LITTLE BIT.
THE REALITY IS, IF YOU WANT TO
HAVE A DEEP CAPITAL MARKETS, YOU
HAVE TO LET THE BEST
INSTITUTIONS LIKE BANK OF
AMERICA PARTICIPATE EVERYWHERE
IN THE WORLD ON AN EQUAL
FOOTING.
MARIA: YOU CAN'T BECAUSE IT'S
JOINT VENTURE ARE YOU EXPECTING
THAT TO CHANGE IN THE NEXT FIVE
YEARS.
CHINA SUGGESTED IT WILL OPEN UP
MARKETS.
AND THIS PART OF THE FIGHT THAT
THE U.S. IS TRYING TO PUSH BACK
ON CHINA ABOUT.
>> THEY'VE ANNOUNCED THEY'RE
CHANGING A LITTLE BIT.
WE'LL SEE WHAT HAPPENS.
MARIA: IT'S GREAT TO HAVE YOU