BofA’s Moynihan: Trading unit faces further cost cuts

The Fed’s economic experiment’ isn’t over, KC Fed’s Esther George says Both Kansas City Fed President Esther George and Boston’s Rosengren have spoken against cutting rates, and a third possible dissenter, St. Louis James Bullard could disagree with the committee if.

Further, during an investors’ conference in late May, CEO Brian Moynihan had commented that trading revenues will likely decline 8% sequentially and 10% year over year.

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.

2017-07-18  · (Reuters) – Bank of America Corp reported a higher-than-expected quarterly profit on strength in its consumer bank and cost cuts that are beginning to bear.

“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.

Still, plenty of merrill investment bankers continued to leave, and Mr. montag won praise for keeping enough of the division’s sales and trading team intact so that the unit was in a position to.

During BofA’s first. and traders will avoid further cost cutting. Deutsche should make further cuts to its U.S. equities sales and trading.

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.

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Discussing Bank of America’s quarterly results, with Brian Moynihan, Bank of America president & CEO.

WHY AREN’T THESE GUYS IN JAIL?–BOFA’S COUNTRYWIDE FRAUD BLOOMBERG. Bank of America Corp.’s Countrywide unit was found liable by a jury for selling Fannie Mae (FNMA) and. Armand said the government calculated that all the HSSL loans cost Fannie Mae and Freddie Mac more than $840 million.

BofA, which has paid more than $70 billion in legal expenses since 2008, said its legal costs fell for the third straight quarter, dropping to $231 million from $6 billion a year earlier.

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