Bank of America Corp Q1 2022 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Erika Najarian - UBS Investment Bank, Research Division - Analyst : My first question is a follow-up to what Matt was asking about. Alastair, could you give us a sense of what the deposit repricing assumption is in the plus $6.8 billion in sensitivity for the first 100. And given your focus on primary and operating accounts, contrast that with chunkier rate hikes, how should we expect deposit repricing to behave in the second 100 basis points? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. APRIL 18, 2022 / 12:30PM, BAC.N - Q1 2022 Bank of America Corp Earnings Call

Question: Erika Najarian - UBS Investment Bank, Research Division - Analyst : Got it. And I just wanted to clarify something, Brian, that you said to Betsy. Did you say that you expect 2023 expenses to be between $59 billion and $60 billion and then for modest growth to return in 2024?

Question: Erika Najarian - UBS Investment Bank, Research Division - Analyst : Got it. And just one last question on capital. So today, your current CET1 minimum is 9.5%. And the higher G-SIB surcharge, when is that -- is that effective by January 1, 2023? So therefore, your minimum goes up by 50 basis points? And Brian, what -- how are you thinking of buffers relative to your new minimums? I think one of your counterparts said that he was no longer thinking of buffers upon buffers as he thinks of capital management going forward.