Bank of America Corp (BAC.N) second-quarter earnings will be hurt by a drop in trading revenue, lower-than-expected interest rates and the sale or shuttering of certain assets, according to comments from Chief Executive Brian Moynihan on Wednesday.
The bank will also take a $300 million charge as it sells or shutters data centers, Moynihan said. Bank of America is moving much of its data to the cloud. The switch will save the bank money over time, Moynihan said.
9 replies (most recent on top)
Whoever posted this is SPOT ON. It really doesn't matter if profits are 10 billion or 3 billion , there will always be some bean counter trying to find a way to make it 10.01 billion or 3.01 billion at the expense of your job and the customer experience.
"Who cares. Employees should realize and accept one consistent theme. Earnings do well, the ax will fall. Earnings falter, the ax will fall. They're out to get you, always, regardless of companies financial performance."
Chickens coming home to roost, this is only the start and well deserved after getting go the best ppl.
It's surprising that Trading Revenue is declining! Maybe when you fire and lay-off your best people that the organization doesn't function so well? The losers that are left behind are doing the kind of job that I've expected.
@1vvo I simply did a search for "getting laid on bac" and this page came up.
@NBgNRHW-ioo, tell us why you are here on a weekend? Instead of the criticism of those who are.
Why y'all hangin' out here on Saturday. Enjoy your weekend and forget about work.
We will be fine
Bank earnings being crushed by the crashing auto loan bubble, retail bubble, and education bubble. All in freefall right now. This summer will be very interesting.
Who cares. Employees should realize and accept one consistent theme. Earnings do well, the ax will fall. Earnings falter, the ax will fall. They're out to get you, always, regardless of companies financial performance.