BofA’s cost cuts cushion blow from weak rates, muted trading. Brian Moynihan’s cost-cutting efforts helped the bank. of its earnings by holding costs flat, improving credit, and further.
HSBC could announce plans to cut as many as 20,000 jobs next week, BofA’s Moynihan: Trading unit faces further cost cuts May 27, 2015 09:35 AM banking. Bank of America Chief Executive Brian Moynihan is considering layoffs of roughly 40,000 employees as part of a restructuring plan. Also: A discussion about President Obama’s Job Speech and one.
By BLOOMBERG. NEW YORK US consumers are levering up again, and Bank of America Corp (BoA) is using that, along with cost cuts and lower taxes, to boost profit. The company’s consumer unit posted its highest earnings in more than eight years in the second quarter (2Q), helping the lender top analysts’ estimates.
BofA’s Moynihan: Trading unit faces further cost cuts Bank of America’s trading unit tends to focus on credit products and mortgage-backed securities, which have fared poorly this year across the industry. asked earlier this year if the bank needed to change its trading makeup, Mr. Moynihan replied that the current setup created lower risk and would perform better when credit products pick up.
HSBC could announce plans to cut as many as 20,000 jobs next week, BofA’s Moynihan: Trading unit faces further cost cuts May 27, 2015 09:35 AM banking
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BofA plans $3 billion of new cost cuts; posts second-quarter profit.. The cost cuts come as the bank faces real pressure.. Revenue in the bank’s signature consumer banking unit was down 16.
The home-lending unit has run up $30 billion in losses, and faces billions more. Critics have urged Moynihan to go even further as he launches a second phase of the BAC project, which will analyze.
Bank of America Corporation BAC may have to resort to further expense cuts in its trading division, unless trading revenues improve significantly. This was stated by the company’s CEO Brian Moynihan.