Bank of America Corp (BAC)’s Fourth Quarter 2014 Earnings Conference Call Transcript

Bruce Thompson, Chief Financial Officer

I’d say a couple of things and I think the first is that we’ve said that over the course of the couple of years that we need that wealth management margin to get to 30% I think you’ve got a couple of things going on right now. In the low rate environment, that business has an artificial drag because, as you know, you don’t tend to payout compensation which is a significant portion of the expense to those things that are net interest income-related. So we would expect — we also have in 2016 some deferred comp and other programs running off, so as we go through over the course of the next couple of years between the business growing, a normalization of rate environment and some other things that should be a 30% type pretax margin business.

Nancy Bush, NAB Research

Okay, great. Thank you very much.

Bruce Thompson, Chief Financial Officer

I think we’re through all the questions, so thank you very much for joining us and we look forward to speaking in the next quarter.

Operator

This concludes today’s program. Thanks for your participation. You may now disconnect.