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​Here's How Bank of America Plans to Cut Another $3 Billion in Annual Expenses

Wednesday, July 20, 2016 (The Motley Fool / John Maxfield)

This article written by John Maxfield and published by The Motley Fool provides great insight into Bank of America’s continued cost cutting initiatives.

In the past 5 years, BofA has reduced annual expenses by $15 Billion and plans to cut another $3 Billion by 2018. RDC technology is a cornerstone of their cost cutting initiative. BofA is now generating 17% of deposits via mRDC, an increase of 28% year-over-year.

The following is an excerpt of the article published by The Motley Fool:

You'd be excused for thinking that Bank of America (NYSE:BAC) is done cutting costs. Through a combination of branch closures, layoffs, improved technology, and wide-ranging efficiency initiatives, the nation's second biggest bank by assets has trimmed $15 billion in annual costs in the last five years alone.

But far from being satisfied, Bank of America's CEO Brian Moynihan informed investors and analysts on Monday that the North Carolina-based bank will wring an additional $3 billion in expenses out of its operations by the end of 2018.

Click here to read the post in its entirety.


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