Inside Financial Services

Thursday Headlines: BofA looks at further expense cuts

5 Responses to “Thursday Headlines: BofA looks at further expense cuts”

  1. Eric Bowles

    The huge opportunity for BofA is to reduce staffing in branches – particularly tellers. They have something like 100,000 tellers, but more importantly, they hire and train 65,000 tellers each year. There is a big decrease in all the HR related functions that support tellers – staffing, onboarding, training, supervision, benefits, etc. You’re probably looking at an expense reduction of $50,000 annual savings per teller FTE reduced.

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    • Maralynn

      Why Swaroopa? Our regulators have a tough enough job doing their main job. Have you seen the Palitamenrary committee report indicting them for failing to safeguard public health. Having them police patents as well is a sure recipe for disaster,,,

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  2. Bob Goldstein, CapGen Financial Corp

    Tom, this is no reflection on BofA, but in general, we are seeing some credit disturbance coming in the next 12-18 months. This perception is as a result of the recommendation by Congress & the administration for softer regulatory oversight coupled with the activities of many regional and community banks to take additional risk to increase loan production. These two factors appear to be leading to marginal to poor practices in accepting less credit worthy borrowers, easing the requirements of proper terms & covenants & cutting corners to accept less than satisfactory standards.

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    • Moon

      The new Zune browser is surprisingly good, but not as good as the iPd&2#8o17;s. It works well, but isn’t as fast as Safari, and has a clunkier interface. If you occasionally plan on using the web browser that’s not an issue, but if you’re planning to browse the web alot from your PMP then the iPod’s larger screen and better browser may be important.

      Reply

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