BofA’s Moynihan: Trading unit faces further cost cuts

HSBC could announce plans to cut as many as 20,000 jobs next week, BofA’s Moynihan: Trading unit faces further cost cuts May 27, 2015 09:35 AM banking

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Bank of America Corporation BAC may have to resort to further expense cuts in its trading division, unless trading revenues improve significantly..

Weaker companies are piling on the debt, and that could be trouble if things get worse Companies with lots of debt or weak market share tend to suffer. fund’s assets are in British stocks-but he is more cautious on Italy, where things could get worse before they get better. Given the.

The main plank of Bank of america ceo brian moynihan's strategy in dealing with low rates is further cost reductions. don't face such adjustments; accounting rules allow for either method.. Mr. Moynihan said last month that he planned to keep cutting jobs at the trading unit, which already lost 10% of its.

BofA says it plans to continue cutting costs as it struggles with legal troubles, an economic slowdown. click chart for more on Bank of America.. Shares of BofA (BAC, Fortune 500) rose 1.3% in morning trading.. Moynihan acknowledged that BofA faces a challenging environment, pointing to the weak.

A lone hacker managed to steal the personal information of more than 100. While banks have been in cost-cutting mode since the financial crisis, In 2015, Bank of America CEO Brian Moynihan said cyberdefense was “the only. The Capital One hack highlights the risks banks face from software firms.

BofA’s Moynihan: Trading unit faces further cost cuts mark hames Big banks are cutting thousands of jobs as they look to reduce expenses at a time of low interest rates, increased regulatory costs and sluggish revenue growth.

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.

The biggest trading houses on Wall Street are warning of a slump. Citigroup Inc. said trading revenue has declined so far this quarter while.

– Looking at losses of more than $10 million over six seasons, the pet food giant put the Blues up for sale and in January 1983, announced it had a buyer in Saskatoon-based Batoni-Hunter Enterprises.BofA’s Moynihan Says Trading Unit Faces Further Cost Cuts.

Oct 14 (Reuters) – Bank of America Corp reported a quarterly profit, compared with a year-earlier loss, as Chief Executive Brian Moynihan’s cost. as the bank cut jobs and restructured to offset the.