Bank of America sees relatively high expenses |
| Reuters - Mar 8, 2011 |
Bank of America Corp (BAC.N) could have relatively high expenses for the next two years as it wrestles with mortgage losses, but longer term it plans to cut costs to improve profitability, its chief executive said.
"We are still eating large costs" related to the financial crisis and foreclosures, Chief Executive Brian Moynihan said on Tuesday at the bank's first investor day since 2007.
Moynihan said he is not interested in major acquisitions, and that the bank will not have any appreciable asset growth for the next five years. Bank of America's assets averaged $2.44 trillion in 2010, ending the year at $2.26 trillion.
Moynihan spoke to an audience of about 300 investors and analysts in the Plaza Hotel ballroom. Applause was muted when he took stage and when he exited.
Read Full Article from Reuters
- Posted: 2011-03-08 08:52:35
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