Bank of America Corp Q2 2020 Earnings Call Summary

Edited Brief of BAC.N earnings conference call or presentation 16-Jul-20 12:30pm GMT

...A. COVID-19 Update: Mid-April: 1. Co. sat in the depths of COVID-19 crisis. a. b. Co. thought it is seeing a rise in virus cases. c. Completed massive move in Co. and companies worldwide to work from home. d. Closing branches for safety and other facilities. e. Had 1m customers who had already approached Co. by mid-April, asking for assistance in terms of paying their loans. f. Seen massive amount of commercial line draws in mid-March to mid-April and loan request out of panic in need to create instant liquidity. Saw flood of deposits looking for a safe haven at the same time. i. g. Had core economic projections at that time. i. Still catching up to worsening predictions of future, reality of health officials' projections of the virus path and reality of shutdown and stay-at-home orders. 2. Economic predictions have been revised. Forward path deteriorated from last qtr. a. b. Baseline projections now extend length of recessionary environment deep into 2022. c. Provided substantial additional...

Brief