Jpmorgan Chase To Present At The Bank Of America Merrill Lynch Way Forward For Financials Conference
Before I move the decision to Paul to review the fourth quarter, I need to hit a number of points. First, I want to provide some brief commentary on 2020 for the total 12 months, then talk about what we see in the financial system as we enter 2021. Good day, everyone, and welcome to today’s Bank of America fourth-quarter earnings bulletins conference call. At this time, all individuals are on a listen-only mode. Later you’ll have the chance to ask questions through the query-and-reply session. Please notice, right now’s call is being recorded and it is now my pleasure to turn the conference over to Lee McEntire.
It bore the brunt of income disruption from interest rates, buyer exercise, and charge waivers, reserve constructing impacted provision expense and expenses increased for PPP programs and protection of associates and customers. In Q4 compared to Q3, revenue, bills, and provision all improved. Let me give you a snapshot of what we see in our customer data that helps some of our views for progress. On Slide 5, excuse me, Slide three, you possibly can see the patron payments.
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These prices had been all the time incurred as a net income reduction of their three way partnership accounting but now come by way of our expense line. Setting aside the elevated — internet elevated COVID-associated expense and a change in type of merchant services, our groups continue to do an excellent job managing prices and you will see that later when Paul talks about it. It maintains a concentrate on utilizing productiveness positive aspects to fund all of the investments we’re making throughout the franchise and together with growing consumer flows.
When we take into consideration consumer spending, we take into consideration all the ways consumers take money and eat and spend it to do things. This is exterior of simply debit and credit spending habits, which tend to get all of the dialogue as a result of they’re simple to track, quite frankly. As some of these funds have been depleted and ran off and the volumes in reality grew back to the excessive — regular ranges, we noticed a slowdown within the — within the fee of the restoration.
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Before I flip the call over to Brian and Paul, just let me remind you that we might make forward-looking statements and discuss with non-GAAP monetary measures through the call that regards numerous components of our monetary results. Forward-trying statements are based mostly on our administration’s current expectations and assumptions that are topic to dangers and uncertainties, and particularly as we proceed to operate throughout this pandemic period. Factors that will trigger precise results to materially differ from expectations are detailed in our earnings materials and SEC filings which might be available on the website. Banc of America Securities Limited has approved the Sites for the aim of Section fifty seven of the Financial Services Act of 1986. Banc of America Securities Limited is regulated for the conduct of investment business in the United Kingdom by the Securities and Futures Authority Limited. No entry to the Sites shall be given within the United Kingdom to Private Customers, as that term is defined beneath the principles of The Securities and Futures Authority Limited; and any investments won’t be made by us to any Private Customer.
So you saw this morning to be ending that in a separate press launch that our board has approved share repurchase in the first quarter of up to $three.2 billion, including shares issued to employees. This is in addition to sustaining our quarterly dividend of $0.18 per quarter, and that accounts for the return of one other $1.6 billion of capital. This is the maximum allowed on the Fed’s pointers established for first — the primary quarter .