This document contains the presentation slides from Bank of America's Chief Financial Officer Joe Price at a securities conference on September 17, 2007. The presentation discusses Bank of America's diversified business mix and earnings sources, its leadership positions across various business lines, and its goals to continue growing earnings through increasing revenues, improving operating leverage, and managing credit costs over the long term. It highlights the company's nationwide footprint and ability to reach customers through various channels.
Bank of America Corporation acquires Merrill Lynch & Co., Inc. PresentationQuarterlyEarningsReports3
This document summarizes the proposed merger between Bank of America and Merrill Lynch to create the premier financial services company. Some key points:
- Ken Lewis of Bank of America and John Thain of Merrill Lynch will lead the combined company.
- The merger combines Bank of America's retail banking franchise with Merrill Lynch's leading wealth management and investment banking businesses.
- The deal will diversify revenue streams and significantly enhance Bank of America's investment banking capabilities.
- Merrill Lynch brings over 20,000 financial advisors and $2.5 trillion in client assets to strengthen Bank of America's wealth management business.
The document discusses the formation of a new bank, U.S. Bancorp, through the merger of Firstar Corporation and U.S. Bancorp. The new U.S. Bancorp will be the 8th largest financial holding company in the U.S. with over $160 billion in assets. It serves more than 10 million customers across 24 states and offers a wide range of financial products and services through its network of branches, ATMs, and subsidiaries. The merger creates a leading banking franchise with improved efficiency, competitive advantages, and potential for increased revenue and earnings growth.
Investment banking project on Bank of America -Merrill LynchPankaj Gaurav
• Working model to serve the client
• Integrated operating model
• Lines of businesses
• Activities in global commercial banking
• Investment banking activities
• Details of advisory services in recent Deal in M&A, IPO issue
This document provides an overview of technology spending by U.S. bankers in 2012. It discusses key themes in the banking industry like channel shift, disintermediation, customer engagement, and improving customer experience. The document also summarizes the state of the banking industry in 2011, noting continued challenges from the mortgage crisis but signs of recovery. Technology spending growth is projected to be modest at 1.8% in 2012 due to uncertainties. The rest of the document breaks down projected spending areas and provides expert opinions on trends in mobile banking, analytics, compliance, security and other technologies.
The document provides an update on the state of Maryland community banks in the 2nd and 3rd quarters of 2009. It summarizes that bank profits declined sharply, with many banks receiving enforcement actions or requiring government assistance. Several banks are identified as being in poor financial condition and at risk of failure. The update concludes by previewing topics to be covered in the next issue, including strategies for 2010 and an upcoming interview.
Bank of America announces its acquisition of LaSalle Bank. The $21 billion all-cash deal will make Bank of America the leader in the Chicago and Detroit markets, gaining immediate access to 1.3 million retail households and 17,000 commercial clients. The acquisition is expected to be accretive to Bank of America's earnings per share and generate an internal rate of return of 17%. The combined company will have over $1.6 trillion in total managed assets and provide better capabilities and products to customers across both companies.
JPMorgan Chase reported second quarter 2013 net income of $6.5 billion, down from $5 billion in the second quarter of 2012. Revenue was $26 billion, up from $22.9 billion the prior year. Return on tangible common equity was 17%, up from 15% in 2012. Consumer & Community Banking saw deposit growth of 10% and record credit card sales volume of $105.2 billion, though net income fell to $3.1 billion due to lower revenue and higher expenses. Mortgage originations increased 12% to $49 billion while net income fell to $1.1 billion on lower revenue.
Bank of America Corporation acquires Merrill Lynch & Co., Inc. PresentationQuarterlyEarningsReports3
This document summarizes the proposed merger between Bank of America and Merrill Lynch to create the premier financial services company. Some key points:
- Ken Lewis of Bank of America and John Thain of Merrill Lynch will lead the combined company.
- The merger combines Bank of America's retail banking franchise with Merrill Lynch's leading wealth management and investment banking businesses.
- The deal will diversify revenue streams and significantly enhance Bank of America's investment banking capabilities.
- Merrill Lynch brings over 20,000 financial advisors and $2.5 trillion in client assets to strengthen Bank of America's wealth management business.
The document discusses the formation of a new bank, U.S. Bancorp, through the merger of Firstar Corporation and U.S. Bancorp. The new U.S. Bancorp will be the 8th largest financial holding company in the U.S. with over $160 billion in assets. It serves more than 10 million customers across 24 states and offers a wide range of financial products and services through its network of branches, ATMs, and subsidiaries. The merger creates a leading banking franchise with improved efficiency, competitive advantages, and potential for increased revenue and earnings growth.
Investment banking project on Bank of America -Merrill LynchPankaj Gaurav
• Working model to serve the client
• Integrated operating model
• Lines of businesses
• Activities in global commercial banking
• Investment banking activities
• Details of advisory services in recent Deal in M&A, IPO issue
This document provides an overview of technology spending by U.S. bankers in 2012. It discusses key themes in the banking industry like channel shift, disintermediation, customer engagement, and improving customer experience. The document also summarizes the state of the banking industry in 2011, noting continued challenges from the mortgage crisis but signs of recovery. Technology spending growth is projected to be modest at 1.8% in 2012 due to uncertainties. The rest of the document breaks down projected spending areas and provides expert opinions on trends in mobile banking, analytics, compliance, security and other technologies.
The document provides an update on the state of Maryland community banks in the 2nd and 3rd quarters of 2009. It summarizes that bank profits declined sharply, with many banks receiving enforcement actions or requiring government assistance. Several banks are identified as being in poor financial condition and at risk of failure. The update concludes by previewing topics to be covered in the next issue, including strategies for 2010 and an upcoming interview.
Bank of America announces its acquisition of LaSalle Bank. The $21 billion all-cash deal will make Bank of America the leader in the Chicago and Detroit markets, gaining immediate access to 1.3 million retail households and 17,000 commercial clients. The acquisition is expected to be accretive to Bank of America's earnings per share and generate an internal rate of return of 17%. The combined company will have over $1.6 trillion in total managed assets and provide better capabilities and products to customers across both companies.
JPMorgan Chase reported second quarter 2013 net income of $6.5 billion, down from $5 billion in the second quarter of 2012. Revenue was $26 billion, up from $22.9 billion the prior year. Return on tangible common equity was 17%, up from 15% in 2012. Consumer & Community Banking saw deposit growth of 10% and record credit card sales volume of $105.2 billion, though net income fell to $3.1 billion due to lower revenue and higher expenses. Mortgage originations increased 12% to $49 billion while net income fell to $1.1 billion on lower revenue.
Bank of America is one of the world's largest financial institutions, serving 57 million consumers and businesses globally. It has a long history dating back to 1764 and has grown significantly through mergers and acquisitions. The company monitors key economic indicators to predict trends and maximize revenues. It offers a range of banking products both domestically and internationally through its presence in over 140 countries. Bank of America continues investing in new technologies like mobile and online banking to better serve customers globally.
Automotive lenders are increasingly offering subprime auto loans again as credit-challenged consumers' access to credit expands. Some analysts believe this trend will continue to boost auto sales as the recession's effects gradually fade. However, lenders must ensure loan quality is maintained, as aggressive subprime lending practices could lead to increased defaults if borrowers' ability to pay is overestimated. Adopting GPS tracking systems allows lenders to better monitor collateral, identify poorly performing loans, and take precautions to safeguard against future economic turbulence.
Peer-to-Peer lending: What is Lending Club?David Peat
The document discusses household debt in the United States and introduces Lending Club as a peer-to-peer lending platform. It notes that average US household credit card debt is $15,950 with an average interest rate of 17%, while average total household debt is $107,700 which is 207% of the median household income. It then describes how Lending Club works, including that it assigns loan grades based on borrower credit scores and history, slices loans into pieces that individual lenders can purchase, and charges 1% of interest payments as a fee. On average, Lending Club borrowers have a FICO score of 699 and a debt-to-income ratio of 16.9%.
Bank of America acquired Merrill Lynch in a $50 billion deal in September 2008 during the financial crisis. Merrill Lynch was struggling with huge losses from subprime mortgage exposures. The deal was hastily completed in 2 days under pressure from the government. While it stabilized markets initially, losses for both companies mounted in subsequent months. Bank of America's stock lost over 90% of its value. Merrill Lynch continued facing lawsuits over mortgage securities. The long-term impact of the deal remains unclear given Merrill Lynch's volatile financial performance in addressing huge prior write-offs.
fannie mae CEO Letter to Shareholders 2007finance6
- The annual report summarizes Fannie Mae's performance in 2007, which saw a net loss of $2.1 billion due to rising credit costs and losses on derivatives as the housing market declined.
- A key strategy for 2008 is to "protect and build" by minimizing losses through loan workouts to avoid foreclosures, while tightening underwriting standards for new loans to build a stronger book of business for the future.
- Capital is a top priority, as Fannie Mae raised $8.9 billion in preferred stock and cut its dividend to bolster reserves to absorb potential losses and pursue growth opportunities.
JPMORGAN CHASE REPORTS THIRD-QUARTER 2013 NET LOSS OF $0.4 BILLION, OR $(0.17) PER SHARE, ON REVENUE1 OF $23.9 BILLION
THIRD-QUARTER 2013 NET INCOME OF $5.8 BILLION, OR $1.42 PER SHARE, EXCLUDING LITIGATION EXPENSE AND RESERVE RELEASES1
The document discusses how to navigate banking relationships during troubled economic times. It provides an overview of the shifts in the banking industry due to the financial crisis, including increased consolidation and losses from mortgage-backed securities and credit default swaps. It then offers advice on evaluating your bank's health, communicating proactively with your banker, understanding your loan terms and knowing when to seek other options.
The document discusses finding the right loan mix for credit unions. It recommends supplementing low-balance credit products with high-balance secured loans. Specifically, it suggests credit unions focus on secured loans like traditional second mortgages and mobile home loans, which can offer higher returns than low-balance signature loans and overdraft lines of credit that may lose money. The document also stresses the importance of calculating return on assets for different loan products to identify which are most profitable.
JPMorgan Chase First Quarter 2008 Financial Results Conference Call finance2
JPMorgan Chase reported net income of $2.4 billion for the first quarter of 2008, down 49% from $4.8 billion in the first quarter of 2007. Earnings per share were $0.68, down from $1.34 the previous year. The Investment Bank saw declines in revenue and increases in credit losses. Retail Financial Services increased revenue but also significantly increased its provision for credit losses due to deterioration in home equity and subprime portfolios. JPMorgan Chase maintained a strong capital position despite challenges in the market and credit environment.
Five Star Bank is launching a new consumer checking account product line and is seeking marketing strategies. The bank operates in Western and Central New York and aims to become the premier community bank in the region. It faces competition from large national banks and smaller regional banks. Most competitors offer checking accounts with monthly fees that can be waived by maintaining a minimum balance. Five Star wants to enhance the customer experience by offering banking services through multiple convenient access channels.
Detailed overview of OnDeck's IPO including its funding history, business operations, financial performance, public company comparables and relevant industry transactions
This document is the 2007 Factbook for Merrill Lynch & Co., Inc. It provides an introduction to the company and compiles key information for investors and other interested parties. The Factbook summarizes Merrill Lynch's business segments, financial performance, leadership, and other details to assist readers in their analysis of the company. It directs readers to the company's annual report and investor relations website for additional information.
JPMorgan Chase Acquires the Deposits, Assets and Certain Liabilities of Washi...finance2
JPMorgan Chase acquired the banking operations of Washington Mutual from the FDIC. This expanded JPMorgan's branch network significantly and added over $900 billion in deposits. The acquisition was expected to be immediately accretive to JPMorgan's earnings and add over 50 cents per share in profits in 2009. JPMorgan planned to integrate Washington Mutual's systems and rebrand its branches over the next two years while minimizing branch closures.
This document provides an overview of banking and other financial institutions. It begins with an introduction to banking that defines banks as businesses that handle money and earn profits through services like loans and interest. It discusses trends in modern banking like mergers and new technologies. It then covers the role of banks in the economy by facilitating money transfers, evaluating creditworthiness, and guaranteeing currency. It also explains how banks acquire funds through interest income, fees, and investments. Finally, it distinguishes between depository institutions that take deposits and nondepository institutions like insurance companies.
PNC has a long history dating back to the 1800s through several mergers and acquisitions. It now serves individuals, small businesses, and corporations through various banking products and services across 19 states. Key ratios show declining profit margins but increased sales from 2010-2012. PNC faces risks from economic conditions, regulations, and competition. However, its diversified business model, geographic reach, and recent stock price increase make it a reasonable investment.
PNC Integrated Marketing 3.0_CAMA_April12Chicago AMA
This document discusses PNC's marketing strategy for launching in Chicago after acquiring National City Bank. It summarizes PNC's integrated marketing solution, which included establishing brand awareness through ubiquitous marketing, minimizing customer disruption during conversion, and leveraging a tested multi-channel launch model. The solution aimed to introduce, impress, and invite customers to action through the phases of the marketing playbook. PNC's goal was to achieve operational readiness and market leadership in Chicago through this coordinated marketing approach.
The document provides an overview of Merrill Lynch including its business description, financial profile, competitive environment, and valuation. It discusses Merrill Lynch's core businesses, leadership changes, risk management improvements, growth opportunities in emerging markets and through third party funds, and plans for balance sheet optimization and more efficient use of capital.
JPMorgan Chase reported third quarter 2011 net income of $4.3 billion, down slightly from $4.4 billion in third quarter 2010. Revenue decreased due to challenging market conditions impacting the Investment Bank. The firm maintained its #1 ranking for Global Investment Banking Fees year-to-date. Consumer & Business Banking reported higher revenues and deposits compared to a year ago. Credit quality improved with lower credit card and wholesale credit losses, while mortgage losses remained elevated. The firm repurchased $4.4 billion in stock and estimated its Basel III Tier 1 ratio was 7.7% at the end of the third quarter.
United Community Banks reported a net operating loss of $32 million for Q1 2009, driven by a $65 million provision for loan losses and a $22 million increase in allowance for loan losses. The company also reported a $70 million non-cash goodwill impairment charge and $2.9 million in severance costs. Total net loss was $103.8 million. Credit quality continued to deteriorate due to weakness in Atlanta housing and construction markets, with non-performing assets up to $334.5 million. However, net interest margin improved to 3.08% due to actions to improve loan pricing and reduce deposit costs.
Global Corporate and Investment Banking President Gene Taylor presented on the division's strategy for growth between 2006-2011. The goals are to increase revenues by $10 billion and earnings by $3 billion through deepening client relationships, increasing market share internationally, and strategically deploying capital. Global Investment Banking Head Brian Brille then discussed the strategic themes of integrated delivery of Bank of America's capabilities, capturing largest fee pool opportunities including becoming a top 3 investment bank in the US, and growing the international presence including becoming a top 10 investment bank in Europe.
The document provides an overview of Bank of America's Global Corporate & Investment Banking division, including:
1) It combines the Global Business & Financial Services and Global Capital Markets & Investment Banking businesses.
2) For the first half of 2005, the combined business generated $10.2 billion in revenue.
3) The division aims to better serve clients through an integrated operating model and cross-selling opportunities across BofA.
The document provides an overview of Bank of America's Global Business & Financial Services division. It summarizes several key business lines including Middle Market Banking, Business Banking, Commercial Real Estate Banking, and others. For each business line, it provides revenue, net income, loans, deposits and other metrics for 2004. It also outlines the division's integrated operating model and global footprint.
Bank of America is one of the world's largest financial institutions, serving 57 million consumers and businesses globally. It has a long history dating back to 1764 and has grown significantly through mergers and acquisitions. The company monitors key economic indicators to predict trends and maximize revenues. It offers a range of banking products both domestically and internationally through its presence in over 140 countries. Bank of America continues investing in new technologies like mobile and online banking to better serve customers globally.
Automotive lenders are increasingly offering subprime auto loans again as credit-challenged consumers' access to credit expands. Some analysts believe this trend will continue to boost auto sales as the recession's effects gradually fade. However, lenders must ensure loan quality is maintained, as aggressive subprime lending practices could lead to increased defaults if borrowers' ability to pay is overestimated. Adopting GPS tracking systems allows lenders to better monitor collateral, identify poorly performing loans, and take precautions to safeguard against future economic turbulence.
Peer-to-Peer lending: What is Lending Club?David Peat
The document discusses household debt in the United States and introduces Lending Club as a peer-to-peer lending platform. It notes that average US household credit card debt is $15,950 with an average interest rate of 17%, while average total household debt is $107,700 which is 207% of the median household income. It then describes how Lending Club works, including that it assigns loan grades based on borrower credit scores and history, slices loans into pieces that individual lenders can purchase, and charges 1% of interest payments as a fee. On average, Lending Club borrowers have a FICO score of 699 and a debt-to-income ratio of 16.9%.
Bank of America acquired Merrill Lynch in a $50 billion deal in September 2008 during the financial crisis. Merrill Lynch was struggling with huge losses from subprime mortgage exposures. The deal was hastily completed in 2 days under pressure from the government. While it stabilized markets initially, losses for both companies mounted in subsequent months. Bank of America's stock lost over 90% of its value. Merrill Lynch continued facing lawsuits over mortgage securities. The long-term impact of the deal remains unclear given Merrill Lynch's volatile financial performance in addressing huge prior write-offs.
fannie mae CEO Letter to Shareholders 2007finance6
- The annual report summarizes Fannie Mae's performance in 2007, which saw a net loss of $2.1 billion due to rising credit costs and losses on derivatives as the housing market declined.
- A key strategy for 2008 is to "protect and build" by minimizing losses through loan workouts to avoid foreclosures, while tightening underwriting standards for new loans to build a stronger book of business for the future.
- Capital is a top priority, as Fannie Mae raised $8.9 billion in preferred stock and cut its dividend to bolster reserves to absorb potential losses and pursue growth opportunities.
JPMORGAN CHASE REPORTS THIRD-QUARTER 2013 NET LOSS OF $0.4 BILLION, OR $(0.17) PER SHARE, ON REVENUE1 OF $23.9 BILLION
THIRD-QUARTER 2013 NET INCOME OF $5.8 BILLION, OR $1.42 PER SHARE, EXCLUDING LITIGATION EXPENSE AND RESERVE RELEASES1
The document discusses how to navigate banking relationships during troubled economic times. It provides an overview of the shifts in the banking industry due to the financial crisis, including increased consolidation and losses from mortgage-backed securities and credit default swaps. It then offers advice on evaluating your bank's health, communicating proactively with your banker, understanding your loan terms and knowing when to seek other options.
The document discusses finding the right loan mix for credit unions. It recommends supplementing low-balance credit products with high-balance secured loans. Specifically, it suggests credit unions focus on secured loans like traditional second mortgages and mobile home loans, which can offer higher returns than low-balance signature loans and overdraft lines of credit that may lose money. The document also stresses the importance of calculating return on assets for different loan products to identify which are most profitable.
JPMorgan Chase First Quarter 2008 Financial Results Conference Call finance2
JPMorgan Chase reported net income of $2.4 billion for the first quarter of 2008, down 49% from $4.8 billion in the first quarter of 2007. Earnings per share were $0.68, down from $1.34 the previous year. The Investment Bank saw declines in revenue and increases in credit losses. Retail Financial Services increased revenue but also significantly increased its provision for credit losses due to deterioration in home equity and subprime portfolios. JPMorgan Chase maintained a strong capital position despite challenges in the market and credit environment.
Five Star Bank is launching a new consumer checking account product line and is seeking marketing strategies. The bank operates in Western and Central New York and aims to become the premier community bank in the region. It faces competition from large national banks and smaller regional banks. Most competitors offer checking accounts with monthly fees that can be waived by maintaining a minimum balance. Five Star wants to enhance the customer experience by offering banking services through multiple convenient access channels.
Detailed overview of OnDeck's IPO including its funding history, business operations, financial performance, public company comparables and relevant industry transactions
This document is the 2007 Factbook for Merrill Lynch & Co., Inc. It provides an introduction to the company and compiles key information for investors and other interested parties. The Factbook summarizes Merrill Lynch's business segments, financial performance, leadership, and other details to assist readers in their analysis of the company. It directs readers to the company's annual report and investor relations website for additional information.
JPMorgan Chase Acquires the Deposits, Assets and Certain Liabilities of Washi...finance2
JPMorgan Chase acquired the banking operations of Washington Mutual from the FDIC. This expanded JPMorgan's branch network significantly and added over $900 billion in deposits. The acquisition was expected to be immediately accretive to JPMorgan's earnings and add over 50 cents per share in profits in 2009. JPMorgan planned to integrate Washington Mutual's systems and rebrand its branches over the next two years while minimizing branch closures.
This document provides an overview of banking and other financial institutions. It begins with an introduction to banking that defines banks as businesses that handle money and earn profits through services like loans and interest. It discusses trends in modern banking like mergers and new technologies. It then covers the role of banks in the economy by facilitating money transfers, evaluating creditworthiness, and guaranteeing currency. It also explains how banks acquire funds through interest income, fees, and investments. Finally, it distinguishes between depository institutions that take deposits and nondepository institutions like insurance companies.
PNC has a long history dating back to the 1800s through several mergers and acquisitions. It now serves individuals, small businesses, and corporations through various banking products and services across 19 states. Key ratios show declining profit margins but increased sales from 2010-2012. PNC faces risks from economic conditions, regulations, and competition. However, its diversified business model, geographic reach, and recent stock price increase make it a reasonable investment.
PNC Integrated Marketing 3.0_CAMA_April12Chicago AMA
This document discusses PNC's marketing strategy for launching in Chicago after acquiring National City Bank. It summarizes PNC's integrated marketing solution, which included establishing brand awareness through ubiquitous marketing, minimizing customer disruption during conversion, and leveraging a tested multi-channel launch model. The solution aimed to introduce, impress, and invite customers to action through the phases of the marketing playbook. PNC's goal was to achieve operational readiness and market leadership in Chicago through this coordinated marketing approach.
The document provides an overview of Merrill Lynch including its business description, financial profile, competitive environment, and valuation. It discusses Merrill Lynch's core businesses, leadership changes, risk management improvements, growth opportunities in emerging markets and through third party funds, and plans for balance sheet optimization and more efficient use of capital.
JPMorgan Chase reported third quarter 2011 net income of $4.3 billion, down slightly from $4.4 billion in third quarter 2010. Revenue decreased due to challenging market conditions impacting the Investment Bank. The firm maintained its #1 ranking for Global Investment Banking Fees year-to-date. Consumer & Business Banking reported higher revenues and deposits compared to a year ago. Credit quality improved with lower credit card and wholesale credit losses, while mortgage losses remained elevated. The firm repurchased $4.4 billion in stock and estimated its Basel III Tier 1 ratio was 7.7% at the end of the third quarter.
United Community Banks reported a net operating loss of $32 million for Q1 2009, driven by a $65 million provision for loan losses and a $22 million increase in allowance for loan losses. The company also reported a $70 million non-cash goodwill impairment charge and $2.9 million in severance costs. Total net loss was $103.8 million. Credit quality continued to deteriorate due to weakness in Atlanta housing and construction markets, with non-performing assets up to $334.5 million. However, net interest margin improved to 3.08% due to actions to improve loan pricing and reduce deposit costs.
Global Corporate and Investment Banking President Gene Taylor presented on the division's strategy for growth between 2006-2011. The goals are to increase revenues by $10 billion and earnings by $3 billion through deepening client relationships, increasing market share internationally, and strategically deploying capital. Global Investment Banking Head Brian Brille then discussed the strategic themes of integrated delivery of Bank of America's capabilities, capturing largest fee pool opportunities including becoming a top 3 investment bank in the US, and growing the international presence including becoming a top 10 investment bank in Europe.
The document provides an overview of Bank of America's Global Corporate & Investment Banking division, including:
1) It combines the Global Business & Financial Services and Global Capital Markets & Investment Banking businesses.
2) For the first half of 2005, the combined business generated $10.2 billion in revenue.
3) The division aims to better serve clients through an integrated operating model and cross-selling opportunities across BofA.
The document provides an overview of Bank of America's Global Business & Financial Services division. It summarizes several key business lines including Middle Market Banking, Business Banking, Commercial Real Estate Banking, and others. For each business line, it provides revenue, net income, loans, deposits and other metrics for 2004. It also outlines the division's integrated operating model and global footprint.
Bank of America presented opportunities for continued growth in consumer and small business banking. They cited their size, scale, and track record of growth as advantages. Some key opportunities discussed included optimizing performance in local markets, growing small business banking, expanding across the consumer credit continuum, and increasing market share in areas like credit cards, affinity partnerships, and online banking. The presentation emphasized how Bank of America's resources and diversified business model position it to continue expanding organically.
This document is an investor presentation for Citizens Republic Bancorp's first quarter of 2009. It summarizes Citizens Republic as a regional bank with a retail community banking focus. It highlights Citizens Republic's strong capital and liquidity positions, conservative credit culture, and consistent pre-tax pre-provision earnings that can handle credit volatility. The presentation also shows Citizens Republic's improving deposit funding and reduced reliance on wholesale funding.
Bank of America is positioned for success with its large national franchise, focus on operating excellence, and strong track record. The document outlines Bank of America's competitive advantages including its large retail footprint, leading positions in wholesale banking, and growing global capabilities. It also discusses the company's diverse business mix, focus on execution and process improvement, consistent earnings growth, and commitment to returning capital to shareholders.
This presentation provides an overview of Fidelity National Information Services:
- It is a leading global provider of payment processing and core banking services, with $3.47 billion in annual revenue.
- Its services include payment processing, which accounts for 56% of revenue, as well as core banking and risk management services.
- It expects full year 2008 adjusted earnings per share to be between $1.51-$1.57, an increase over 2007, demonstrating strong execution and earnings growth.
1) The document discusses Fidelity National Information Services, a leading global payment and core processing services provider. It presents information on FIS's business segments, revenue breakdown, competitive positioning, and technology platform.
2) Key metrics highlighted include $3.47 billion in total revenue, $839 million in adjusted EBITDA, serving over 13,000 financial institutions clients in more than 80 countries.
3) The presentation also reviews FIS's diverse and recurring revenue streams, strong operating leverage and customer service, and execution through organic revenue growth and improving EBITDA margins.
This document discusses payments and Bank of America's leadership in the payments industry. It notes that payments drive more revenue for banks than any other business. Bank of America leads in the fastest growing payment businesses like debit cards, online banking, ACH, and credit cards. It achieved this position through mergers and acquisitions that filled gaps, and by taking an enterprise-wide view of payments to find opportunities for cost savings, revenue growth, and innovation. This approach to payments differentiation focuses on operational excellence, innovation, and service excellence.
Bank of America Chief Financial Officer Al de Molina presented at the Credit Suisse Financial Services Conference on February 10, 2006. In his presentation, he discussed Bank of America's business mix, 2006 earnings outlook, leadership in the consumer and small business market, and efforts to diversify distribution channels and reduce costs. He projected 2006 revenue growth at the low end of the company's 6-9% long-term target range.
This document summarizes Jeffrey Peek's remarks from a Lehman Brothers Financial Services Conference on September 8, 2008. Peek discusses CIT's transition to a global commercial finance company, securing over $11 billion in liquidity, continued funding progress in Q3, reducing high risk exposures, and initiatives to enhance profitability. The future vision is outlined as a global commercial finance company focused on the middle market with a balanced funding model and strong capital levels and ratings.
capital one Lehman Conference Presentationfinance13
Capital One provides a presentation on its financial performance and positioning. It discusses (1) executing on its vision of national lending and local banking, (2) delivering an operating profit of $463M despite significant credit headwinds, and (3) decisions that position it to navigate cyclical challenges and deliver value over the cycle through resilient businesses, conservative risk management, and lower lending lines.
121010_Mobile Banking & Payments for Emerging Asia Summit 2012_Developments i...spirecorporate
Gregg Marshall, Global Head of Mobile Transaction Services at Western Union, presented on developments in digital cross-border and domestic money transfers. The presentation covered Western Union's current business model, which relies heavily on cash-to-cash consumer transfers. It outlined key strategic growth areas like digital services and partnerships with mobile network operators (MNOs). It also discussed challenges in adopting mobile money transfers and factors contributing to mPesa's success in Kenya, like a hands-off regulator and focus on adoption and customer service. The presentation concluded by stating Western Union's goal of $500 million+ in digital revenue by 2015.
1) Fidelity National Information Services presented an investor presentation in June 2008 that discussed their planned spin-off of the Lender Processing Services segment. The spin-off was intended to create two pure play companies that could better focus resources and have improved investment profiles.
2) FIS overview highlighted their leadership in payments processing and core banking software, with $2.9 billion in annual revenues and significant scale across the US and international markets.
3) Financial highlights showed strong revenue growth, expanding margins, and increasing free cash flow that could be used to invest in growth, reduce debt, pursue acquisitions and return capital to shareholders.
This document discusses MetLife's commercial mortgage portfolio. It notes that MetLife originated and holds over $36 billion in commercial mortgages, with about 1,000 loans concentrated in core property types like office and retail. In contrast to securitized loans, MetLife's focus is on sustainable income properties with relatively low leverage, as they originate loans to own rather than to sell. The document compares the current recession to the early 1990s recession, noting lower new supply, vacancies, and delinquency rates heading into the current downturn compared to the early 1990s, putting MetLife's portfolio in a stronger position currently.
GMAC Executive Vice President and Chief Financial Officer Sanjiv Khattri.finance8
The document discusses forward-looking statements and risk factors that could cause actual results to differ from expectations. It notes that statements with words like "expect" and "anticipate" are intended to identify forward-looking statements that are subject to important risk factors described in SEC filings. The summary also notes that GMAC management cannot guarantee the accuracy of its forward-looking statements.
To grow and prosper in today’s ever-changing world, banks
too must change. They need to move beyond any existing
organizational silos, infrastructure complexities and other
constraints – and toward an operation centered on the client.
1) The document discusses Bank of America's enterprise risk management strategies and capabilities. It highlights how the bank manages various types of risk, including credit, market, and operational risk across its consumer and commercial businesses.
2) Key strengths that help the bank manage risk include its breadth of client access, industry insights, and integrated risk management structure.
3) The bank has improved its risk profile by rebalancing its commercial credit portfolio and enhancing risk monitoring tools.
The document discusses Global Consumer & Small Business Banking and Liam McGee, the president. It contains forward-looking statements about Bank of America's financial conditions, operations, and earnings outlook. Several risk factors are outlined that could cause actual results to differ from projections. The presentation then discusses Bank of America's competitive advantages including its large size and scale, proven track record of growth, and plans to continue growing through innovation and integration. Several examples are provided of growth in key business areas like deposits, lending, and small business banking.
The Corporate & Investment Bank (CIB) at J.P. Morgan Chase is well positioned to maintain its leadership in wholesale banking due to its strong client franchise, economies of scale, fortress balance sheet, and stable earnings from its markets business. The CIB has over 7,600 clients globally, with 61% located internationally, and generates 48% of its revenue from outside the US. It holds leading market positions across banking and markets businesses. The CIB's scale allows it to invest for ongoing leadership while maintaining efficient overhead ratios. Its balance sheet is supported by stable wholesale deposits and capital markets secured financing.
Similar to Bank of America Securities 37th Annual Investor Conference (20)
This document is a cookbook containing recipes for appetizers, relishes, and pickles that was published by the Pataskala Church of the Nazarene in Pataskala, Ohio. It includes over 50 recipes organized into sections for appetizers, relishes, and pickles. The recipes provide instructions for making items like bacon and egg cups, cheese balls, spinach dip, and various vegetable relishes. An introduction dedicates the cookbook to all cooks and thanks those who contributed recipes.
Innovating Through Recession by Andrew Razeghi of Kellog School of ManagementQuarterlyEarningsReports3
This document discusses strategies for innovating during an economic recession. It argues that recessions provide opportunities to launch new products and businesses when competition is reduced. It provides examples of companies from the 1930s Great Depression that successfully innovated, such as Fortune Magazine, Kraft, and Revlon. The document recommends listening closely to customer needs, investing in customer relationships to build loyalty, and adding more value rather than just reducing prices during economic downturns.
In 2006, Lehman Brothers pursued a diversified global growth strategy that identified opportunities worldwide. Its strategy was to continue investing in a diversified mix of businesses, expand its client base, deliver effective services to clients, effectively manage risks and expenses, and strengthen its culture. Financially, Lehman Brothers saw increases in net revenues, net income, total assets, long-term borrowings, stockholders' equity, and other metrics from 2005 to 2006.
1) The annual report summarizes AIG's financial performance in 2007, which saw a decline from 2006 levels. Net income fell 55.9% to $6.2 billion, while revenues fell 2.9% to $110.1 billion. Book value per share and shareholders' equity also declined.
2) Key events and accomplishments in 2007 included receiving approval to establish a wholly owned general insurance subsidiary in China, expanding operations in other Asian markets like Korea and Vietnam, and making progress on the "Deliver the Firm" customer-focused strategy.
3) Challenges in 2007 included higher losses and expenses in some businesses as well as weaknesses in some product lines and distribution channels that need to be addressed
This document provides an overview of the subprime mortgage meltdown that occurred from 2006 to 2008. It begins with quotes from Treasury Secretary Henry Paulson showing the changing view of the strength of the US financial system. It then discusses the growth of subprime lending and adjustable rate mortgages, fueled by low interest rates. This led to a housing bubble and boom in home construction. However, rising default rates among subprime borrowers triggered a wider crisis and collapse of major financial firms.
The document discusses the predictions of economic experts for a recession and market decline in the near future due to mismanagement by the Federal Reserve and federal government. It notes predictions from 2007 of a 50-60% market decline and recession worse than the Great Depression. It discusses the declining value of the US dollar and rising national debt. Finally, it summarizes recent retail store closures and bankruptcies as symptomatic of a struggling US economy.
- Freddie Mac's 2007 annual report summarizes the company's activities and financial results for the year.
- Freddie Mac faced significant challenges in 2007 due to the downturn in the housing market, including losses of $3.1 billion. However, a large portion of the losses were due to mark-to-market accounting rules rather than economic losses.
- Despite the difficulties, Freddie Mac continued its mission of providing liquidity and stability to the U.S. housing market. The company helped many families avoid foreclosure and expanded affordable housing programs.
This document provides an introduction and summary of the World Economic Forum's inaugural Financial Development Report 2008. It was published at a time of financial instability and uncertainty. The report aims to provide a holistic perspective on financial development by assessing countries' financial systems, examining the link between finance and economic growth, and discussing financial reforms. It incorporates input from academics, business and political leaders through the Forum's multistakeholder engagement process. The report includes the Financial Development Index, country profiles, data tables, and analysis to facilitate discussions on financial system strengths, priorities and reforms.
The document provides an overview and analysis of global risks for 2009 as identified by the World Economic Forum's Global Risk Network. It finds that risks related to deteriorating fiscal positions, a sudden slowdown in China's economy, further declines in asset prices, resource challenges exacerbated by climate change, and gaps in global governance pose significant threats. The financial crisis has demonstrated the interconnected nature of the global economy and amplified many pre-existing risks. Going forward, leadership and coordinated international cooperation will be needed to balance responses to the immediate economic situation with efforts to mitigate longer-term risks.
The document summarizes venture capital investment trends in the United States for the fourth quarter and full year of 2008 based on data from the MoneyTree Report published by PricewaterhouseCoopers and the National Venture Capital Association. US venture capital investments declined 8% in 2008 to $28.3 billion, down from $30.9 billion in 2007. The bulk of investments went to expansion and later stage deals rather than early stage/seed deals. The number of deals also declined in 2008 compared to 2007.
Hewlett-Packard reported their Q4 2008 earnings. Key points:
- Revenue grew 19% year-over-year to $33.6 billion, up 16% excluding EDS acquisition.
- Non-GAAP operating profit grew 21% to $3.4 billion, or 10.1% of revenue.
- Non-GAAP EPS grew 20% to $1.03.
- Personal Systems revenue grew 10% to $11.2 billion, with notebook revenue up 21%.
- Imaging and Printing revenue declined 1% to $7.5 billion, with supplies revenue up 9%.
- Enterprise Storage and Servers revenue declined 1% to $5.
This document discusses how businesses can prepare for unexpected events that could disrupt operations through developing a business continuity plan. It emphasizes that quality also means a business's ability to continuously supply customers' needs no matter what challenges occur. The document outlines key aspects a business continuity plan should address such as vulnerabilities, crisis management, information technology restoration, and training to test the plan. Developing a written, practiced plan can help businesses survive disruptions and be more resilient.
This document provides a summary of U.S. frequency allocations across various bands. It includes a table organized by frequency ranges listed in MHz along the left side and activity designations listed across the top. The table contents primary designations for different frequencies in capital letters and secondary designations in lowercase. It is intended to determine the current status of frequency allocations by the FCC and NTIA but may not reflect all recent changes.
Hewlett-Packard reported financial results for the third quarter of fiscal year 2008. Net revenue was $28.03 billion, a 10% increase from the same quarter last year. Earnings from operations were $2.53 billion. After accounting for various adjustments including amortization expenses and restructuring charges, non-GAAP earnings from operations were $2.75 billion, a 20% increase over the prior year. For the nine months ended July 31, 2008, net revenue increased 11% to $84.76 billion, while non-GAAP earnings from operations grew 25% to $8.39 billion compared to the same period last year.
Enhancing Asset Quality: Strategies for Financial Institutionsshruti1menon2
Ensuring robust asset quality is not just a mere aspect but a critical cornerstone for the stability and success of financial institutions worldwide. It serves as the bedrock upon which profitability is built and investor confidence is sustained. Therefore, in this presentation, we delve into a comprehensive exploration of strategies that can aid financial institutions in achieving and maintaining superior asset quality.
The Universal Account Number (UAN) by EPFO centralizes multiple PF accounts, simplifying management for Indian employees. It streamlines PF transfers, withdrawals, and KYC updates, providing transparency and reducing employer dependency. Despite challenges like digital literacy and internet access, UAN is vital for financial empowerment and efficient provident fund management in today's digital age.
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
Optimizing Net Interest Margin (NIM) in the Financial Sector (With Examples).pdfshruti1menon2
NIM is calculated as the difference between interest income earned and interest expenses paid, divided by interest-earning assets.
Importance: NIM serves as a critical measure of a financial institution's profitability and operational efficiency. It reflects how effectively the institution is utilizing its interest-earning assets to generate income while managing interest costs.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
Bank of America Securities 37th Annual Investor Conference
1. Bank of America
Joe Price
Chief Financial Officer
Bank of America Securities Conference
September 17, 2007
2. Forward Looking Statements
This presentation contains forward-looking statements, including statements about the financial
conditions, results of operations and earnings outlook of Bank of America Corporation. The forward-
looking statements involve certain risks and uncertainties. Factors that may cause actual results or
earnings to differ materially from such forward-looking statements include, among others, the
following: 1) projected business increases following process changes and other investments are lower
than expected; 2) competitive pressure among financial services companies increases significantly; 3)
general economic conditions are less favorable than expected; 4) political conditions including the
threat of future terrorist activity and related actions by the United States abroad may adversely affect
the company’s businesses and economic conditions as a whole; 5) changes in the interest rate
environment reduce interest margins and impact funding sources; 6) changes in foreign exchange
rates increases exposure; 7) changes in market rates and prices may adversely impact the value of
financial products; 8) legislation or regulatory environments, requirements or changes adversely affect
the businesses in which the company is engaged; 9) changes in accounting standards, rules or
interpretations, 10) litigation liabilities, including costs, expenses, settlements and judgments, may
adversely affect the company or its businesses; 11) mergers and acquisitions and their integration
into the company; and 12) decisions to downsize, sell or close units or otherwise change the business
mix of any of the company. For further information regarding Bank of America Corporation, please
read the Bank of America reports filed with the SEC and available at www.sec.gov.
2
3. Bank of America Today
Diversified Earnings
Strong Balance Sheet
Market Leadership Customer Convenience
3
4. A Diverse Business Mix
First Six Months 2007 Earnings - $11 Billion
Other
14%
Global Consumer &
Global Corporate & Small Business Banking
Investment Banking 47%
29%
Global Wealth &
Investment Management
10%
4
5. Global Consumer & Small Business Banking
First Six Months 2007 Earnings - $5.1 Billion
Strengths
• #1 deposit market share
• #1 card services in US and UK
Consumer
• #1 small business lender
Real Other/ALM
1%
Estate • Largest delivery network
7%
Deposits
51%
Growth Opportunities
Card
Services • Deposits and debit businesses
41%
• Unsecured consumer credit, including card
• Payments business integration
• Consumer real estate
GCSB results presents on a managed basis
5
6. Consumer Credit
• Credit losses remain within expected ranges in 2007
• Exited subprime loan origination business in 2001
• Consumer real estate loss ratios remain below industry
averages
• Expect card losses to have peaked in 2Q for the year
6
7. Global Corporate & Investment Banking
First Six Months 2007 Earnings - $3.1 Billion
Strengths
• #1 Middle market lender
• Top 3 US fixed income capital markets
• Leading treasury services provider
Treasury Other/ALM
Services -3%
32%
Business
Lending
34%
Growth Opportunities
Capital
• Business banking product penetration
Markets
37%
• Electronic payments
• International presence and treasury services
• Middle market investment banking
7
8. Global Wealth & Investment Management
First Six Months 2007 Earnings - $1.2 Billion
Strengths
• #1 Mass affluent services provider (Premier
Banking)
• 19th largest US asset manager (Columbia)
Other/ALM
• Largest US Private Bank ( US Trust)
7%
Columbia
Management
19%
Premier
Banking &
Investments
56%
Growth Opportunities
Private
• Mass affluent expansion
Bank
18%
• Private bank
• Columbia Management AUM growth
8
9. Long-term Financial Objectives
10% EPS growth to be driven by:
• 6% to 9% revenue growth
• 2% to 4% operating leverage
• Manageable credit costs
• Advantageous capital management
9
10. Bank of America Differentiating Factors
• Ubiquitous franchise
Vast customer base
Unparalleled customer convenience
Market and product leadership positions
Information and innovation
• Demonstrated ability to execute
Leverage franchise capabilities
Provide innovative customer solutions
Superior integration expertise
• Opportunities for continued organic growth
Retail banking penetration
Capturing the wealth opportunity
Commercial banking client expansion
10
11. Coast to Coast Footprint
In Bank of America Markets
• 76% of U.S. population
• 57 million consumer and small business
households
Positioned in growth markets
• 16 of 20 fastest growing states
• 20%+ retail deposit market share in top
30 markets
Business Client Leader Affluent relationships
• #1 Small Business Bank
• Relationship with 44% of mass affluent
• Relationships with 98% of the U.S. households
Fortune 500 companies and
• 44% of wealthy households in footprint
• 80% of the Global Fortune 500
11
12. Reaching Customers 3,000 Times A Second
Can reach 63% 5,700 Banking Centers
handheld devices
Customer
5,000 Affinity Groups
Almost 23MM
Online Users
2.6B Contacts
17,000 ATMs
12
14. Consistent Attractive Earnings Growth
Diluted EPS
$4.70
th
ow $4.11
d Gr
n
pou
C om $3.75
11% $3.55
$3.05
$2.88
$2.55
2000 2001 2002 2003 2005
2004 2006
2000 - $2.26 reported EPS has been adjusted to exclude $.10 impact of restructuring charges as well as $.19
goodwill amortization expense eliminated in 2002 for comparability to other periods.
2001 - $2.30 reported EPS has been adjusted to exclude $.39 impact of business exit costs as well as $.19
goodwill amortization expense eliminated in 2002 for comparability to other periods.
2004 - $3.64 reported EPS has been adjusted $. 11 to exclude charges for merger and restructuring costs.
2005 - $4.04 reported EPShas been adjusted $.07 to excludes charges for merger and restructuring costs
2006 - $4.59 reported EPShas been adjusted $.11 to excludes charges for merger and restructuring costs
14
15. Capital Usage
$27 Billion Cash Flow
Business
Acquisitions
Growth
Strong Balance Share
Sheet Repurchases
Dividends
15
16. Adding Density in Important Markets
Chicago Market BAC LaSalle Combined
Banking centers 56 141 197
ATMs 231 450 681
LaSalle
Michigan Market Detroit Other Michigan
Banking centers 160 110 270
ATMs 632 418 1,050
16
17. 30 Consecutive Years of Dividend Increases
$2.12
• Recently announced a 14% dividend increase to $.64 per
quarter ($2.56 annually)
Dividend
Yield wth
gr o
ed
5.20%+ z
uali
ann
13%
1977 2006
17 Yield based on annualized dividend and price as of 9/10/07
18. Actively Managing Excess Capital
($ in millions)
• Returned more than $86 billion in
capital since 1998 $86,793
• Repurchases plus dividends have
averaged 80% of net income $49,708
$37,085
Cumulative
1H07
1998
1999
2000
2001
2002
2003
2004
2005
2006
Dividends Repurchases
Capital returned as
91% 63% 63% 91% 60% 80%
58% 96% 89%
84%
88%
a % of earnings
Tier 1 Tier 1
7.06% 8.52%
18
19. Managing for Growth
• Leveraging scale of national franchise
• Utilizing our knowledge to innovate
• Focused on growth opportunities
• Driving capital returns for shareholders
19