Skip to content
Subscriber Only

Bank of America Still Has Expenses to Trim, CEO Moynihan Says

Bank of America Corp. has more expenses to cut as it weathers another year of low interest rates, Chief Executive Officer Brian Moynihan told shareholders.

Profitability at the bank, which generates about half its revenue from interest income, has been weighed down as the Federal Reserve keeps benchmark interest rates at 0.5 percent. Rates have been below 1 percent for nearly a decade.