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 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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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.

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.

Bank of America lost 4 cents a share a year ago, when it recorded $US6 billion in legal costs. CEO Brian Moynihan called it a "solid quarter" but noted that the bank faces challenges. America made.

Further, during an investors’ conference in late May, CEO Brian Moynihan had commented that trading revenues will likely decline 8% sequentially and 10% year over year.

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.

BofA plans $3 billion of new cost cuts; posts second-quarter profit.. The cost cuts come as the bank faces real pressure.. Revenue in the bank’s signature consumer banking unit was down 16.

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