BofA Moves Salespeople to Modify Mortgages, CEO Says
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Bank of America Corp., the largest U.S. lender by assets, said the reassignment of salespeople to modify mortgages for struggling borrowers may pressure revenue.
“We have recently moved a couple more thousand people from our sales side, our centralized sales group, over to our servicing areas,” Chief Executive Officer Brian T. Moynihan said at an investor conference today in New York. “In addition, we continue to hire externally. Thereby we have elevated costs in this platform. These costs will stay elevated for the next several quarters and may impact our market-share momentum.”