BofA’s Moynihan: Trading unit faces further cost cuts

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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.

Excluding litigation costs, expenses fell 4 percent as the bank cut jobs and restructured. BofA said its headcount fell 6 percent from a year earlier. Moynihan, who took the top job in 2010, shook up the bank’s management in July, replacing chief financial officer bruce thompson with longtime executive Paul Donofrio.

All told, the legislation could cost the bank as much as $13 billion (roughly what it has lost in market value in the past two trading sessions). CEO Brian Moynihan dropped the cost estimates in a.

BofA’s Moynihan: Trading unit faces further cost cuts 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.

Profit also got a boost from Chief Executive Officer Brian Moynihan’s efforts to cut costs as well as lower tax expenses following President Donald Trump’s sweeping overhaul of the US tax code. Shares of the second-largest U.S. bank by assets rose 1 per cent in premarket trading.

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(Reuters) – Bank of America Corp reported a profit for the third quarter, compared with a year-earlier loss, as Chief Executive Brian. of slow market trading. excluding litigation costs, expenses.

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.

Gains for BofA were distributed more or less evenly between net interest income, which is driven by the difference between banks’ borrowing costs and the rate they charge on loans, and institutional businesses such as trading and investment banking. Expenses were mostly flat, even as revenues grew in every major business unit.

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