BofA’s Moynihan: Trading unit faces further cost cuts

Profit also got a boost from Chief Executive Officer Brian Moynihan’s efforts to cut costs as well as lower tax expenses following president donald trump’s sweeping overhaul of the US tax code. Shares of the second-largest U.S. bank by assets rose 1 per cent in premarket trading.

BofA’s cost cuts cushion blow from weak rates, muted trading. Shares of the No.2 U.S. bank by assets rose as much as 2.6 percent in morning trading on Wednesday. The bank’s non-interest expenses fell by a third to $13.81 billion, mainly due to an 83 percent drop in costs in its legacy assets and servicing unit, which houses many of the bad loans inherited from Countrywide Financial.

It would cut the fees debit-card issuers collect. already above the threshold and wouldn’t be able to expand further through acquisitions. The Senate version of the ban on proprietary trading could.

Jan 18 (Reuters) – Brian Moynihan is known inside Bank of America Corp as a problem-fixer and a cost-cutter, according to two executives who have worked with him, and in his three years as the.

It would cut the fees debit-card issuers collect. already above the threshold and wouldn’t be able to expand further through acquisitions. The Senate version of the ban on proprietary trading could.

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The bank trimmed its return on tangible equity target — a key performance indicator — by as much as 2.5 percentage points and said it will make 500 million euros of cost cuts by 2020. That follows similar cuts by BNP after it reported a 70 percent slump in equities trading, the worst performance of the large investment banks.

BofA plans $3 billion of new cost cuts; posts second-quarter profit.. The cost cuts come as the bank faces real pressure.. Revenue in the bank’s signature consumer banking unit was down 16.

BofA’s Moynihan Says Trading Unit Faces Further Cost Cuts. The Compliance Exchange May 28, 2015 Bank of America, Wall Street in the News No Comments. Bank of America Corp., the second-biggest U.S. lender, will have to reduce expenses further in its markets trading division unless revenue.

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Bank of America (BAC) sought to reallocate certain leveraged loans to electronic exchange through its new electronic loan trading platform. BofA’s Instinct Loans Aims to Transfer Leveraged Loans.

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