CEO Brian Moynihan today announced $3bn more of cuts at the investment bank, trading and wealth management units.
The first phase of Moynihan’s efficiency plan, called Project New BAC, will trim $5bn in costs from deposit, credit-card and mortgage operations. That brings Moynihan’s target for cost-cutting to $8bn, and he said today the savings should be in place by 2015. The CEO has said the second phase will result in fewer job reductions than the first because investment banking and trading units have smaller staffs.
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