“As we look forward, we'd expect our fourth quarter expenses will land our full year reported expense at approximately $61 billion.”

In context

“ents are the operational process improvements we've talked about and the increased digital adoption rates by our customers and by our bankers. Our headcount this quarter increased by 3,500. And if we adjust for the release of our summer interns, our headcount is actually up by closer to 5,500. We welcomed 1,800 new full-time associates from college campuses around the world into our company this quarter and we hired another 3,800 net new people on top of that. That included just less than 3,000 across our various lines of business and another 1,000 in staff and support and technology positions to support those lines of business. And with all the great benefits and talented people already at this company and with our great brand, it highlights that Bank of America is a great place to work. As we look forward, we'd expect our fourth quarter expenses will land our full year reported expense at approximately $61 billion. That obviously includes the cost noted for resolving the second quarter and third quarter regulatory and litigation matters. So without that, our expenses are expected to be a little more than the $60 billion level we talked about earlier in the year. And we're proud of our team's discipline around expense particularly in this inflationary environment, while at the same time, we're modestly increasing our level of investment in the company's future and our growth. Turning to asset quality on Slide 13, and I want to start by saying just as Brian did that asset quality of our customers remains very healthy. The net charge-offs of $520 million declined $51 million from the second quarter. That decline was driven by prior period charge-offs associated with the sale of some noncore mortgage l”