Bank of America CEO Brian Moynihan will press on with a plan to cut more than 30,000 jobs as revenue stays flat.
In an interview with Bloomberg Television in Tokyo Thursday, Moynihan said: 'I think we continue to reduce our headcount - you can see it in our patterns, it’s really based on demand. As we continue to get through the mortgage issues at Countrywide, you’ll see the headcount come down substantially'.
Moynihan also said: 'Our revenues are flat because of the interest-rate environment, the economic environment, therefore we have to bring in the costs in. When I talk to our clients and customers, they don’t expect to hire a lot more people because of the amount of uncertainty in the market'.
He concluded: 'Like many of our peers, equity issuance is down, so we’re downsizing some of those businesses. But our corporate banking business and our treasury management business continue to grow and we continue to add people in Asia and around the world'.
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