BofA Aims for Additional Cost Savings of $3 Billion (BAC)
Bank of America Corp. (NYSE: BAC) has already identified cost cuts of $5 billion for 2012. Now the company is looking at additional ways to save another $5 billion. The bank is examining cuts to its investment and commercial banking,…
Bank of America Corp. (NYSE: BAC) has already identified cost cuts of $5 billion for 2012. Now the company is looking at additional ways to save another $5 billion.
The bank is examining cuts to its investment and commercial banking, trading, and wealth- management units, and expects to complete its analysis by April. Previously announced cuts will axe 30,000 jobs at the bank’s consumer banking, credit-card, home-loan, and support operations.
The cuts are blamed on mortgage losses and new regulatory requirements, which have seriously affected the bank’s revenue.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
