BofA’s Moynihan: Trading unit faces further cost cuts
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The Bank of America Corporation (abbreviated as BofA) is an American multinational. Brian Moynihan became President and CEO effective January 1, 2010, and.. Bank of America faces several deadlines in July and August and if not met, that Bank of America fraudulently cost american taxpayers more than $1 billion.
Bank of America and Wells Fargo remain the biggest banks in. It looks like Bank of America and Wells Fargo are playing out a version of trading places.. losses in its mortgage unit and facing investigations from federal and state. Moynihan's ongoing focus on cost-cutting could also mean more job cuts.
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Since taking over as C.E.O., Brian Moynihan has stabilized Bank of America, but. “He's facing enormous headwinds, but in the first year Brian has. Guy Cecala, publisher of Inside Mortgage Finance, a trade publication. Countrywide has already cost Bank of America more than $5 billion in write-offs.
“When long-term interest rates fall, we see more people pay off their mortgages. Bank of America completed a years-long cost-cutting initiative last year, Total loans in its consumer banking unit rose 6%, while deposits were up. quarter of last year,” chief executive Brian Moynihan said in a statement.
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“We see solid consumer activity across the board, with spending by Bank of. Chief Executive Officer Brian Moynihan said Wednesday in a statement.. more cautious on financial stocks amid speculation the Fed will cut rates this month.. In Bank of America's trading division, revenue dropped to $3.27.
BofA says it plans to continue cutting costs as it struggles with legal troubles, an economic slowdown. click chart for more on Bank of America.. Shares of BofA (BAC, Fortune 500) rose 1.3% in morning trading.. Moynihan acknowledged that BofA faces a challenging environment, pointing to the weak.
More job cuts are expected, as Moynihan focuses on reducing. In Charlotte, Bank of America has cut hundreds of jobs in recent years. and the troubled- mortgage unit as it handles fewer problem loans.. for elimination under a cost- cutting program named Project New BAC, after the bank's ticker symbol.