BofA’s Moynihan: Trading unit faces further cost cuts

In 2015, Bank of America Corp. Chairman and ceo brian moynihan survived a vote that would have. are within the retail banking unit but declined to comment further. Still, "investors want change,".

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Bank of America Corp. said its first-quarter profit fell 13%, hurt by a big drop in trading revenue and the continued drag of low interest rates. Shares dropped 1% in premarket trading after rising nearly 4% on Wednesday. The Charlotte, N.C.-based bank reported a profit of $2.68 billion, or 21 cents.

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(Newser) – Bank of America today reported a whopping 32% drop in third-quarter net income, thanks to steep trading losses, write-downs to cover loan defaults, and larger set-asides to cover credit.

Bank of America, the second-biggest U.S. lender, will have to reduce expenses further in its markets trading division unless revenue improves, CEO Brian Moynihan said Wednesday.

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.

Bank of America’s costs shrank. officer Brian Moynihan said in May that the firm would have to cut costs further in its trading division, run by chief operating officer Thomas Montag, unless.

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Moynihan’s experience during the bank’s fourth-quarter earnings report likely set the stage for what he can expect for most of this year. On Jan. 15, as B of A wrapped up its $8 billion expense-reduction plan called "New BAC," he was pressed for details on where he planned to cut further costs.

JPMorgan, the largest U.S. bank by assets, vowed to expand training after its review found that the mortgage-servicing unit “struggled to. Chief Executive Officer Brian T. Moynihan is seeking to.

Reserve Bank cuts interest rates to historic low of 1.25 per cent Reserve bank interest rates: rba cuts rates to historic low of 1.25% – live. The Guardian by. The central scenario remains for underlying inflation to be 1 per cent this year, 2 per cent in 2020 and a little higher after that. 5.38am BST The governor sticks to his guns about the.