BofA Chief Is 'Comfortable' with Bank's Investments
The Bank of America Chief Brian Moynihan says he is comfortable with bank assets and investments in a a recent investor conference. This came just after JP Morgan reported a $2billion trading loss. Moynihan say JP Morgan chief Jamie Dimon has the skill to navigate the troubled waters. Its current assets of $297 billion in good conndition. The bank has spend $3 billion to collect its deliquent loans last quarter. Its share prices fell by 4%.
Jamie Dmon of JP Morgan and Brian Moynihan of Bank of America
It is however engaged in cost reduction projects. It plans to cut its workforce by 30,000 which will result in operating expenses reduction by $5 billion. It plans to sell some buildings in NYC and North Carolina.
Would you believe what Chief Moynihan says about Bank of America?
What would you do if you were him?
Are you in agreement with his plans? A lot of people are saying BofA is a troubled bank. Is it?
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