Bank of america consolidating debt
First if you look at this quarter compared to year ago revenue grew 1% on a reported basis.
And looking at the core lines of business without other we grew revenue 4% despite the tough comparison of Global Markets.
That was the last quarter before we bought Merrill Lynch.
So we reduced the cost in our company equivalent the entire cost structure of Merrill Lynch over those years.
Our customers are using Zelle and we look forward to further growth in that area. We’re rolling out auto-shipping across the country, home loans, mobile deployment is following that and as we roll through the next couple of quarters our artificial intelligence offering Erica will come out.
We continue also to invest in our physical network by refurbishing nearly all our existing financial centers, which is well underway and we will complete over the next couple of years.
So the third question is, can you continue investing in the franchise, while reducing those cost?
Mobile deposits account of 21% of all check deposit transactions.
Digital sales account for 22% of all consumer sales.
So the first thing to think about there is for the first nine months of the year we spent nearly .25 billion on technology initiatives. Look no further than branch in your pocket for evidence of that.
Customers using our mobile have increased 47% in the past 12 months.
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So thinking back and talking to a lot of you over the last year or so, as we met with you you’ve asked three basic questions.