BofA’s Moynihan: Trading unit faces further cost cuts
Unless trading revenues improve significantly, BofA may have to resort to further expense cuts in its trading division. Will BofA’s Trading Division See Additional Expense Cuts? – Analyst Blog
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Bank of America (BAC) sought to reallocate certain leveraged loans to electronic exchange through its new electronic loan trading platform. BofA’s Instinct Loans Aims to Transfer Leveraged Loans.
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.
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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Bank of America Corp., the second-biggest U.S. lender, will have to reduce expenses further in its markets trading division unless revenue improves, chief executive officer brian Moynihan said. "If the environment stays sort of flattish, less volatility, we’ll have to keep working that expense base down," Moynihan said Wednesday at a conference in New York.
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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