BofA to Cede Top Rank as Moynihan Disowns Bigger-Is-Better
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Bank of America Corp., the biggest U.S. lender by assets, will likely lose that distinction as Chief Executive Officer Brian T. Moynihan partly dismantles the money-losing empire built by his predecessor.
The firm previously was No. 1 in deposits, mortgage lending and credit cards. Those honors are already gone as Moynihan trims operations added by former CEO Kenneth D. Lewis at a cost of more than $130 billion. When Moynihan is done with his reorganization plan, called Project New BAC, the bank will have pared its workforce by tens of thousands and probably relinquished its lead in assets, jobs and mortgage servicing.