Bank of America has addressed critics and laid out a plan for the future.
The emphasis is on reducing costs, managing the mortgage lawsuits, and reducing the consumer business while putting emphasis on the firm’s international and corporate banking business.
It has to because as Americans lose jobs, BofA's consumer business loses opportunities to profit ....
For example: job cuts. (This how Bank of America explains cutting 30,000 jobs. It has 200,000 employees it didn't hire thanks to acquisitions)
Summary: We're Shoring Up Our Balance Sheet And, Despite Mortgage Fiasco, BAC Is a Customer-Focused Leader With Several Profitable Divisions
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