We continued to deliver strong expense management. Year-over-year expenses adjusted for the FDIC assessment was up a little less than 2%. That compares to a 4% plus inflation rate.

Apr 16, 2024 / CEO / receipt, needs a key / Brian Moynihan, CEO | earnings call 2024-04-16 | transcript dd8278aa-954a-4bc5-a2f2-3dd5ae2b438d | chars 4981-5161 | segment 5

And right now, you've kind of seen all the adjustments that came through the pandemic into the last couple of years sort of adjust out of the system. And what I mean by that is you had a lot of goods purchased. Then you had a lot of travel. You had a lot of return to office spending. We can track that, you know, people buying stuff. All that's kind of leveled out of the system, including a drop in fuel prices and an increase, and basically it's relatively bouncing around about the same, and they're spending about the same amount of money on gas that they spent last year.

Oct 17, 2023 / CEO / receipt, needs a key / Brian Moynihan, CEO | earnings call 2023-10-17 | transcript 737879b5-f116-430a-b160-5332efbd0342 | chars 37659-38236 | segment 38

They're also moving from goods to service and experience and spend more money on travel, vacations, and eating out and things like that.

Jan 13, 2023 / CEO / receipt, needs a key / Brian Moynihan, CEO | earnings call 2023-01-13 | transcript d59ada34-11f8-47ae-9369-375da80e2c3e | chars 19749-19885 | segment 20

You also note on the bottom left the continued growth in goods and services, particularly retail, toward experiences of travel and entertainment.

Oct 17, 2022 / CEO / receipt, needs a key / Brian Moynihan, CEO | earnings call 2022-10-17 | transcript 48a1a931-fe7e-4078-9ca7-49a6b1d6dd4b | chars 8450-8595 | segment 8

We continue to see shifts in what people are spending on as the quarter took place, more on experiences, travel, and things like that, and a bit more on fuel due to increased prices and less on retail stores. In quarter two, we saw that higher gas spend as well as a continued recovery in the travel categories and a continued recovery in restaurant spending.

Jul 18, 2022 / CEO / receipt, needs a key / Brian Moynihan, CEO | earnings call 2022-07-18 | transcript f83d2984-e012-4a99-a511-cefe92c4ebf9 | chars 8944-9303 | segment 9

And as we look to Q2, we expect our expenses to be down modestly from Q1. as much of the seasonal payroll tax expense abates, and is somewhat offset by investment timing, inflation, and the cost of opening up more fully for travel and client entertainment, because it feels like we've got a lot of pent-up demand for face-to-face meetings by our clients and our people.

Apr 18, 2022 / CEO / receipt, needs a key / Brian Moynihan, CEO | earnings call 2022-04-18 | transcript 5455ed17-bc4d-441e-b962-08c46dcb5ac1 | chars 27795-28164 | segment 28

In third quarter 21, we continue to see spending shift toward travel and in-person entertainment, as well as fuel driven by both increased use and higher fuel prices.

Oct 14, 2021 / CEO / receipt, needs a key / Brian Moynihan, CEO | earnings call 2021-10-14 | transcript b706aefe-00af-455f-a3d6-fa41bc174adf | chars 5430-5596 | segment 5

Spending accelerated as COVID vaccinations increased, business reopened, and domestic travel increased.

Jul 14, 2021 / CEO / receipt, needs a key / Brian Moynihan, CEO | earnings call 2021-07-14 | transcript 32453e86-245f-43d6-bbe7-498ee2d9e1d1 | chars 5929-6032 | segment 6

You can see that by noting the return of travel and entertainment spending, which comprises about 10% of debit credit card spend. You can see where recovering travel remains below 2000, while recovering travel remains below 2019 spending levels.

Jul 14, 2021 / CEO / receipt, needs a key / Brian Moynihan, CEO | earnings call 2021-07-14 | transcript 32453e86-245f-43d6-bbe7-498ee2d9e1d1 | chars 6344-6589 | segment 6

Remember, we're saying net COVID cost of, you know, $300,000, $400,000. That includes offsetting against that all savings of travel and stuff.

Jan 19, 2021 / CEO / receipt, needs a key / Brian Moynihan, CEO | earnings call 2021-01-19 | transcript 1e84830a-55f9-42ad-944b-162e451f3aa9 | chars 44139-44281 | segment 45

We saw a severe immediate decline in discretionary payments for travel, leisure, and other things that you've read about in entertainment that you expected.

Apr 15, 2020 / CEO / receipt, needs a key / Brian T. Moynihan, CEO | earnings call 2020-04-15 | transcript 3c451aa6-5dd8-4d4c-b51a-8de8b006aa24 | chars 16005-16161 | segment 16