Fifth Third Bancorp Q4 2021 Earnings Call Summary

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 for Jamie. Jamie, you have been vocal in the past in terms of guiding or giving us a sense of what kind of deposit attrition we could expect in a rising rate backdrop. One of your biggest competitors mentioned that they don't expect negative deposit growth at all. In fact, they expect positive deposit growth through this rate cycle. And I'm wondering, especially in light of your commentary that you're deploying about $1 billion of cash per quarter, if you have changed your tune as to the duration of the excess deposits that you gathered during the pandemic?

Question: Erika Najarian - UBS Investment Bank, Research Division - Analyst : Got it. And my second question is for Greg. I thought it was very striking and telling that Jamie said during his prepared remarks that you would have generated positive operating leverage without rates. And the earnings season has really put CEOs in 2 camps. One, the CEOs that are spending the rate hikes and second, those that are more allowing it to fall to the bottom line. As we think about the Fifth Third in the middle of a normalizing rate cycle what is your view of reinvesting later years, right, after the PPP headwinds dissipate versus taking that rate generated additional income and reinvesting it.