Daily News: January 23, 2012

Bloomberg: BofA Targets Up to $3B in Additional Cuts


Bloomberg reported that Bank of America may reduce annual costs by as much as an additional $3 billion in the next stage of chief executive officer Brian T. Moynihan’s efficiency plan.

The article said BofA, which already targeted $5 billion in expense cuts from retail and back-office operations, may reach total savings of $6 billion to $8 billion a year, citing Moynihan from a January 19 employee meeting.

The latest phase of Moynihan’s effort examines investment and commercial banking, trading and wealth-management units and is scheduled to be completed in April, Bloomberg reported.

To read the full Bloomberg article, click here.