BofA cuts costs again as usual!

BofA will keep cutting costs. For some reason they don't mention why and by how much the revenue continues to keep declining by! Someone at the top is obviously not doing their job right! Seems to be a recursive cycle - lower revenue, fire more people, fewer people = less revenue - fire more people - fewer people = less revenue ...

https://www.bloomberg.com/news/articles/2017-06-14/bofa-says-53-billion-expense-target-is-just-the-beginning?utm_source=yahoo&utm_medium=bd&utm_campaign=headline&cmpId=yhoo.headline&yptr=yahoo

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Fanny and Freddie were taken over by the USGov. Now everything they make flows back to the coffers of the USG.

BOA is now owned (partially or wholly now?) by the USGov. How much of what they are making is still flowing down that one way pipe to the bottomless treasure chest of you know who?

It's the management structure that too hierarchical and costs too much! That's where all the unproductive fat is - a huge expense compared to the mere pitance that the lowly employees cost who do all the work.

There is a manager for everything and everyone and most people have at least 2 managers if not more - 1 indirect and a few others that poke their noses in to control stuff and mess things up!

The fact that other banks have a lower cost is that their management structure is probably leaner and more competent.

the problem is that other banks have a lower cost , so if BoA employees are so efficient and hardworking, why are costs so high

Record profits used to mean employees got bonuses and raises, not fired. We have lost our way.

http://mobile.reuters.com/article/idUSKBN1960AD

Thread regarding Bank of America layoffs

BofA cuts costs again as usual!

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