Bank of America in cost-cutting mode
Bank of America Corp. CEO Brian Moynihan said the company is looking to cut $5 billion in annual costs. The bank has about 50 senior employees reviewing some 150,000 ideas for cutting costs, Moynihan said. The bank has about $73 billion of annual expenses, excluding goodwill impairment, that it can use as a baseline for trimming. Bank of America wants to reduce its ratio of expenses to revenues to 55 percent.
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