BofA Targets $3 Billion in Additional Cuts, Moynihan Says
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Bank of America Corp., the second-biggest U.S. lender by assets, may reduce annual costs by as much as an additional $3 billion in the next stage of Chief Executive Officer Brian T. Moynihan’s efficiency plan.
The lender, which already targeted $5 billion in expense cuts from retail and back-office operations, may reach total savings of $6 billion to $8 billion a year, Moynihan said during a Jan. 19 employee meeting. The latest phase of his effort examines investment and commercial banking, trading, and wealth-management units and is scheduled to be completed in April.