BofA’s Moynihan: Trading unit faces further cost cuts

BofA’s Moynihan: Trading unit faces further cost cuts

House prices hitting peak’ as slowdown tightens grip Headline Slowdown in house-price growth a sign buyers priced-out.. down from a peak of 63,000 at the end of the last decade. Meanwhile, house-building also remains at low levels, although it is.

CEO Brian Moynihan has fixed his company's mortgage woes and revived the stock.. Most analysts agree that, while BofA will face more pain from home loans, with the continued embrace of risk in its trading unit, as evidenced by its.. The second tailwind is a sharp reduction in the gigantic costs of.

BofA’s Moynihan: Trading unit faces further cost cuts Bank of America’s trading unit tends to focus on credit products and mortgage-backed securities, which have fared poorly this year across the industry. asked earlier this year if the bank needed to change its trading makeup, Mr. Moynihan replied that the current setup created lower risk and would perform better when credit products pick up.

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Since taking over as C.E.O., Brian Moynihan has stabilized Bank of America, but. “He's facing enormous headwinds, but in the first year Brian has. Guy Cecala, publisher of Inside Mortgage Finance, a trade publication. Countrywide has already cost Bank of America more than $5 billion in write-offs.

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Bank of America CEO Moynihan says he cut jobs equal to the. The reduction is "more employees than Delta has I think.. strategy in 2008 due to a need to reduce costs, Moynihan said.. That shift has allowed the company to close underperforming branches and shift personnel to client-facing positions.

Bank of America and Wells Fargo remain the biggest banks in. It looks like Bank of America and Wells Fargo are playing out a version of trading places.. losses in its mortgage unit and facing investigations from federal and state. Moynihan's ongoing focus on cost-cutting could also mean more job cuts.

The Reserve Bank has cut its official interest rate by 0.25 percentage points to a new record low of 1.25 per cent. RBA cuts rates to support jobs growth in the face of rising unemployment anz is.

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