BofA Sees Digital Payments Cutting $1 Billion Cash-Handling Cost

  • ‘The more electronification, the less people’: CEO Moynihan
  • BofA’s commercial real estate portfolio ‘fairly conservative’

BofA CEO: More 'Electronification' Equals Less People

Bank of America Corp., which spends about $1 billion a year handling cash, will save money and require fewer employees as more customers make payments electronically, Chief Executive Officer Brian Moynihan said.

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