Danny Berger

Equities trading revenue, this is interesting, coming in below Goldman Sachs.

To remind you, equities trading at Goldman Sachs is $4.3 billion.

At Morgan Stanley, it was $3.7 billion.

The reason this is interesting is because Morgan Stanley had taken back the equities trading crown.

It looks like they are now ceding that to Goldman Sachs.

But Bloomberg's Danny Berger reports there's a downside to this earnings report.

Their total operating expenses, those come in much higher than expected.

$9.72 billion, the estimate was for $8.8 billion.

It is the best performing bank ever.

over the past year of the big six banks.

As you would assume, it was the very first question.

How do you feel about this proposed or attempted enforcement of a 10% credit card cap for interest rates?

CFO Borthwick goes on to say we're supportive of what the administration is doing around affordability.

He goes through the Bank of America history saying that we do things like trying to limit overdraft fees.

We have various product suites to help Americans exactly with this, with affordability.

And we are standing by the administration to help them.

On this specific issue of credit card caps on interest rates, they say it is firmly in the public debate arena and that the issues are well understood and nothing more to add.

As you would assume, it was the very first question.

How do you feel about this proposed or attempted enforcement of a 10 percent credit card cap for interest rates?

CFO Borthwick goes on to say we're supportive of what the administration is doing around affordability.