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BofA Says $53 Billion Expense Target Is Just the Beginning

  • Looking for ways technology can replace people, Montag Says
  • Chief operating officer cites currency trading as one example
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Bank of America Corp. will keep cutting costs even after reaching its annual spending goal of $53 billion by finding more ways technology can replace people, Chief Operating Officer Tom Montag said.

“There’s more to do after that,” Montag said Wednesday at a conference in New York. “How much technology can we do that replaces people? How many things do we have that we can use it? How much big data can we use that helps us target better and not waste our time on certain things?”