Bank of America Corporation BAC may have to resort to further expense cuts in its trading division, unless trading revenues improve significantly. This was stated by the company’s CEO Brian Moynihan.
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CEO brian moynihan unveiled a cost-cutting plan on. of 3,000 jobs in 2011 as it faces a difficult operating environment. So far, Barclays has already cut 1,400 jobs including 700 posts at its.
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The job losses, bonus cuts and clampdown. Citigroup’s Smith Barney wealth unit. UBS AG has gone further. Following some USD 50 billion of trading losses during the financial crisis and a.
But he faces challenges. inspired a boom in trading and investment banking. Morgan Stanley’s fourth-quarter profits were also boosted by tough measures on expenses. It announced 1,200 FICC job cuts.
BofA’s Moynihan: Trading unit faces further cost cuts * Q2 EPS 19 cents vs loss 90 cents a year ago * Rev $21.97 bln, down slightly from Q1 * Q2 expenses fall 25 pct to $17 billion * Part two of cost-cut program aims to save $3 bln annually By Rick.. Earlier this year, Apple CEO Tim Cook stunned media and the. two other lawsuits pertaining to theft of trade secrets, bank fraud and violating.
Trading was so heavy that. The deal comes at a cost for Bank of America. The $300 million of annual dividend payments it makes will cut into earnings per share and the deal will influence its.
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