- North Carolina
Brian Moynihan, Bank of America's chairman and CEO, told investors Thursday that revenue from fixed-income and equity markets should decline by 5% to 6% in the third quarter compared with a year ago. The Charlotte, N.C., bank will continue to have a higher efficiency ratio relative to its peers because of the high costs of paying financial advisers.
September 17 -
Bank of America reported its best quarterly profit in more than a year, but with revenue declining and expense-reduction slowing, it is unclear where the company can turn to boost earnings. Similar questions are plaguing many banks as the latest earnings season unfolds.
April 15 -
Bank of America is laying off hundreds of workers from a unit that services troubled mortgages.
June 24
Bank of America plans to lay off about 200 employees in global banking and markets, the Wall Street Journal
The story, attributed to people familiar with the matter, said that the $1.6 trillion-asset B of A is cutting costs to cope with the drop-off in trading revenue tied to recent market volatility and to clear its books before bonus season for investment-banking operations.
A B of A spokeswoman declined to comment Tuesday when asked if the report was accurate.
Bank of America's revenue from fixed-income and equity markets is
Sales and trading revenue was $3.3 billion in the second quarter - a decrease from $3.4 billion the previous year.
"The bar is down and staying there," Moynihan said at the conference. "The fixed income is down."
Bank of America shares were trading at $15.44, down less than 1%, at midday Tuesday.
As of June 30 the company had 153,000 employees across 5,100 offices, according to the Federal Deposit Insurance Corp.'s website.
