Competitors? Seriously? I think Morgan and Wells, probably even Citi consider BAC a joke. Competing? Think whatever metric you look at relatively speaking, this bank falls in the loser category. Moynahan would be the guy left standing when all the other leaders were picked for the A team.
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Layoff thousands and hire a hundred, that's how too big to fail works - failure doesn't happen here.
(Reuters) - Bank of America Corp's U.S. Trust business plans to add more than 100 financial advisers who cater to the super-rich as part of its strategy to grow wealth-management revenue, a U.S. Trust executive said on Tuesday.
The number of private client advisers will rise to more than 450 from 323 over the next three years, Keith Banks, president of U.S. Trust said at a financial services conference in New York.
The growth will come from new hires and an internal training program, Banks said. U.S. Trust also plans to hire more portfolio managers and trust officers to support the advisers, he added. Wealth and investment management generated $4.4 billion in first quarter revenue for Bank of America, 21 percent of the total. Bank of America oversees $2.5 trillion in total assets, including $390 billion at U.S. Trust.
Everyone is cutting: https://finance.yahoo.com/news/goldman-sachs-said-cut-dozens-114604066.html
Also, BofA copies everyting Goldman does!
Our competitors have was the leaders of this outfit do not - ideas on ways to make more money.