BofA to Cut Another $3 Billion in Expenses
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Bank of America Corp., the second-biggest U.S. lender, plans to trim $3 billion in annual expenses from investment banking, trading and wealth-management units.
The cuts, which are expected to be completed by the middle of 2015, represent 11 percent of expenses in the targeted areas, the Charlotte, North Carolina-based bank said today in a presentation on its website. The initiatives have already begun, the lender said, without specifying the number of job cuts, which are part of a larger effort to reduce costs by $8 billion.