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Bank of America (NYSE: BAC) Q1 2024 Earnings Call Apr 16, 2024 , 8:30 a.m. ET Contents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks: Operator Good day, everyone, and welcome to the Bank of America earnings announcement. Should you invest $1,000 in Bank of America right now? Thank you, Leo.
NAV is defined as total assets minus total liabilities and is also reported on a per share basis. To provide more context, one panel we received very positive feedback on this year was focused on M&A bestpractices for add-on acquisitions.
The short answer is we capture bestpractices and share the insights on a daily basis across our teams. We get weekly Slacks with documents that share the bestpractices, the progress that has been made, and how that informs the next week across each of the platforms. And in fact, I'll just use our staff as an example.
Richard Davis And then Michael Funk at Bank of America. Michael Funk -- Bank of America Merrill Lynch -- Analyst Yeah. Michael Funk -- Bank of America Merrill Lynch -- Analyst And one more if I could. Was that based on your view of bestpractices as a new CEO coming in and assessing the business? Thanks, guys.
First, we are strengthening our foundation and embedding retail bestpractices throughout the organization. We have begun to embed retail bestpractices that are already changing the way certain choices and decisions are being made. We will make operational excellence the standard for everything we do.
Our opportunity is to more effectively standardize and apply bestpractices to create additional value for our customers and shareholders. Third, we're reorganizing our utility structure to group by commodity to drive bestpractices throughout our network. We expect to have approximately $1.7 billion to $1.8
It's aimed at hardening our ancillary and corporate systems and further strengthening our products and services as well as championing customer bestpractices that help enable our customers to be highly protected. Let's go to Brad Zelnick at Deutsche Bank. Brad Zelnick -- Deutsche Bank -- Analyst Great.
Our customers can now use Kubernetes Security Posture Management to benchmark their environments against industry bestpractices. Our next question comes from Koji Ikeda with Bank of America. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
Now, by way of background, while the Federal Reserve is the primary regulator for Citigroup, our bank holding company, the OCC is a primary regulator for Citibank, N.A., we call it CBNA, which is our largest banking vehicle with approximately 70% of our assets. We are currently developing a plan for submission to the OCC.
Barrick's holistic approach to our business encompasses managing the many mine closure liabilities we have accumulated along the way. We are methodically moving to nonoperating tailings storage facilities, with the largest liabilities to safe closure. And that's also key to reducing our liabilities while we mine.
Your first question comes from Ben Wang with Deutsche Bank. Ben Wang -- Deutsche Bank -- Analyst [Foreign language] Congratulations for the great results. Ben Wang -- Deutsche Bank -- Analyst Thank you. And we have collected all these bestpractices and lessons learned and put them into our system. Please go ahead.
General sessions on March 5th and 6th will be substance-packed, including C3 AI product roadmaps, C3 AI customer success stories, bestpractices in enterprise AI from C3 AI customers and partners, AI innovation in defense and intelligence, and discussions from experts about the past and future of generative AI.
And the best thing about our operation is the collaboration we have between the teams on sharing bestpractices on best-in-class rigs. Our next question comes from the line of Kalei Akamine of Bank of America. Kalei Akamine -- Bank of America Merrill Lynch -- Analyst Hey, good morning, guys.
And then for you, Neil, in terms of bestpractices that you're trying to implement here I guess maybe this kind of piggybacks on what I just asked Kristian, but like what do you -- what should we expect in terms of driving that incremental operating leverage? Your next question comes from the line of Andrew Obin from Bank of America.
The bank decided to realign their business processes by splitting applications testing from development and maintenance in order to improve quality, time to market, and cost efficiency. As a result of this initial success, the bank is expanding our engagement into other critical business operations. I'll drop back in the queue.
While we were acknowledged across our HCM suite, the core leadership framework that we launched a year ago won gold for the best advance in online coaching tools. The framework enables customers to evaluate the efficacy of their leaders, reinforce leadership bestpractices, and to trigger development paths based on areas of growth identified.
This includes embedding retail bestpractices across the enterprise and ensuring we have the right organizational structure in place to enable our future success. We still expect to be free cash flow positive for the full year and ended the quarter with $230 million in cash, cash equivalents, and investments, and no bank debt.
The Strata Copilot trained on nearly 50,000 vetted sources, leverages bestpractices to help guide customers to faster decisions and help accelerate remediation. Our first question will come from Saket Kalia from Barclays, followed by Brad Zelnick from Deutsche Bank. Go ahead, Saket. Saket Kalia -- Analyst OK, great.
We've made incredible progress on this top priority and have become a trusted and leading voice for security bestpractices in discussions with customers and prospects. David Gennarelli -- Senior Vice President, Investor Relations Let's go to Brad Zelnick at Deutsche Bank. Eric Heath -- Analyst Thanks, Todd.
We also note that management is scheduled to participate in the Bank of America Global Technology Conference in June. We also believe our copilots across our three platforms, which are context-aware, can perform and automate user action, surface alerts and bestpractices, and provide in-product support, all with near perfect accuracy.
SentinelOne leads the industry with best-in-class AI-powered security and customer transparency. Mission-critical businesses around the world rely on our technology, platform architecture, and engineering bestpractices. This was an avoidable incident that was born under disregard for software deployment bestpractices.
We are seeing great early feedback from our partnership with AWS Code Whisperer, the AI-powered coding companion that is now trained on MongoDB data to generate code suggestions based on MongoDB's bestpractices from over 15 years of history. Our next question comes from the line of Brad Sills of Bank of America. Thanks so much.
We also actively collaborate with our brand partners to co-develop industry bestpractices on e-commerce. And the next question comes from Sophie Huang with CMB Bank International. Operator instructions] And the next question comes from Janet Young with Bank of America. So, I think it's quite promising. Thank you, Thomas.
It reaffirms our dedication to fostering cultural bestpractices that not only enhance employee engagement but also deliver tangible business results. Next question comes from the line of Bhavin Shah with Deutsche Bank. Bhavin Shah -- Deutsche Bank -- Analyst Great. Operator Thank you. Please go ahead.
We're on track to fully deliver in line with guidance on all aspects of the combination through efficiencies, cost synergies, and free cash flow impact leveraging operational bestpractices from Aon business services. Our next question comes from the line of Grace Carter with Bank of America. Meyer Shields -- Analyst OK.
Across our corporate payment segment, we were pleased to sign a number of renewals and expanded relationships with customers, including a large regional banking partner and European online travel agency On the Beach. Operator instructions] Your first question comes from the line of Mihir Bhatia with Bank of America. million last year.
So they're sharing bestpractices. So the measurement of success is, are we generating enough increase in volume to not only offset the price decrease but that we are all putting more money in the bank at the end of the day by making these changes. William Reuter -- Bank of America Merrill Lynch -- Analyst Hello.
But when you manage $5 billion and growing, our ability to bring our BSP and all that capability around how to kind of bestpractice and support growth, that's real value. And Lunate is a very big investor and intends to continue to be a big investor to the best of our understanding in private equity. It was a big private bank.
We have been focused on expanding our presence in the enterprise, particularly in banking and financial services and healthcare. And in 2024, we've successfully landed a banking and financial service customer, and we just got verbally awarded in Q4, expect to sign a contract with a very large healthcare payer.
Our AI-powered live chat for clients Rocket Logic assistant for banking, growth in home equity loans, and automation and servicing. The next example is the rollout of Rocket Logic assistant to our entire banking force, helping our clients navigate the home buying journey. I'll start with our AI-powered live chat experience.
Operator The next question is from Ross Seymore with Deutsche Bank. Ross Seymore -- Deutsche Bank -- Analyst Hi, guys. Ross Seymore -- Deutsche Bank -- Analyst Fair enough. Operator The next question is from Vivek Arya with Bank of America. Vivek Arya -- Bank of America Merrill Lynch -- Analyst Yes. Thanks, Matt.
During the event, over 2,000 attendees came together to celebrate achievements in 2023, share bestpractices, and set the strategy for 2024. Within SG&A, the largest liability we continue to work through is our commercial leases. So, we -- you know, we look at the restructuring costs and the lease liability as one-time.
So, I would say speculating on those is probably not the bestpractice. Operator Our next question comes from the line of Benjamin Black with Deutsche Bank. Benjamin Black -- Deutsche Bank -- Analyst Hey, good morning. Benjamin Black -- Deutsche Bank -- Analyst Fantastic. Wish you all the best in your retirement.
Our trucks meet and exceed Federal Motor Vehicle Safety Standards and United Nations Global Technical Regulations 20 standards, as well as meet the industry bestpractices, including the Society of Automotive Engineers, the International Organization for Standardization, and the Underwriters Laboratories. And best wishes, Michael.
The organization and process is really the best product that we can build for our employees. It's simple yet sophisticated, and it brings the bestpractices from each business area and build a mint product so that the organization can grow along the way. Please go ahead. So do you have any plan regarding your expansion target?
Next question will be from Saket Kalia of Barclays with Brad Zelnick from Deutsche Bank on deck. We're going to go back to Rob Owens at Piper Sandler and then go to Brad Zelnick at Deutsche Bank. We're going to take our last question in this segment from Brad Zelnick at Deutsche Bank. Thanks very much. Go ahead, Saket.
Unfortunately, many of the constructive industry ideas and comments that include the use of technology and certain bestpractices were not included in the final rule. Operator Our next question is from the line of Tayo Okusanya with Deutsche Bank. Michael Griffin -- Citi -- Analyst Great. That's it for me. Thanks for the time.
In today's global economy where scale and speed matter, shared services are often the best way to pool our resources and promote bestpractices. Next question comes from Benjamin Black with Deutsche Bank. Benjamin Black -- Deutsche Bank -- Analyst Good morning. Benjamin Black -- Deutsche Bank -- Analyst Great.
I'm excited to see the results from teams sharing bestpractices. Operator The next question comes from Kalei Akamine with Bank of America Merrill Lynch. Kalei Akamine -- Bank of America Merrill Lynch -- Analyst Good morning, guys. Kalei Akamine -- Bank of America Merrill Lynch -- Analyst Fair enough.
Since the beginning of this calendar year, we've added four new practices and welcomed hundreds of new providers to the US oncology network. The team is working hard to ensure that the new practices are leveraging the resources of the network, including bestpractices, coordinated resources, technology and infrastructure.
Questions & Answers: Operator [Operator instructions] Our first question for today comes from Doug Leggate of Bank of America. Doug Leggate -- Bank of America Merrill Lynch -- Analyst Thank you. Doug Leggate -- Bank of America Merrill Lynch -- Analyst OK. Doug Leggate -- Bank of America Merrill Lynch -- Analyst Helpful.
With the gig economy, healthy lifestyle trends and consumer preferences, we believe we are well positioned to evolve in this changing world, and we'll continue to leverage bestpractices around the globe. Our next question comes from the line of William Reuter with Bank of America. Thanks, guys. Operator Thank you.
Over the last several years, we've been implementing improved systems for managing both personnel and process safety, leveraging bestpractices from across our company and industry, our own and others. Operator The next question is from Doug Leggate of Bank of America. Neil Mehta -- Goldman Sachs -- Analyst Thank you, Kathy.
The board has declared our next quarterly dividend payable in May and keeping consistent with industry bestpractices as we move through 2024, we will be shifting the declaration of the dividend to more closely align with the record dates. Operator Our next question is from the line of Jason Haas with Bank of America.
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