BofA’s Moynihan: Trading unit faces further cost cuts

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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

Bank of America Chief Executive Brian Moynihan is considering layoffs of roughly 40,000 employees as part of a restructuring plan. Also: A discussion about President Obama’s Job Speech and one.

Bank of America profit declines.. Mr Donofrio pointed out that the bank continued to focus on cutting costs, one of Mr Moynihan’s chief priorities as CEO.. which includes the trading unit.

Part of the bank’s success in the 1Q came from trading stocks in the choppy environment traders like best. Equities revenue surged 38% to US$1.52 billion, compared to analysts’ expectations for US$1.18 billion. Fixed-income revenue posted a surprise 13% drop to US$2.54 billion, with the bank citing weak trading in corporate bonds. Client activity was lower compared to a year ago in part because the firm sold fewer new corporate bonds, Donofrio said.

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BofA’s cost cuts cushion blow from weak rates, muted trading. Shares of the No.2 U.S. bank by assets rose as much as 2.6 percent in morning trading on Wednesday. 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 inherited from Countrywide Financial.

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Bank of America to Cut $5B in Costs by 2013 Bank of america ceo brian Moynihan said the company will cut $5 billion in expenses by the end of 2013 as part of a cost-cutting initiative. Shanthi.

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BAC’s Moynihan Has a Huge Job Ahead Fixing the nation’s second-largest bank is a marathon, not a sprint – and Moynihan has already made big mistakes

* 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.