$7 Billion profit for 1st qtr 2018 and a 14 point reduction in their corporate tax rate Jan 1....and they're still laying off 20 to 30 year technology and ops employees??? Must have very poor executive management that doesn't seem have the knowledge or skill set to generate revenues via new business creation, so they generate revenue and make shareholders happy by cutting skilled labor. That will come back and bite them in the azz, bigtime!
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It’s the business model that Cathy Bessant pushes downhill, and you know what rolls downhill.
New business creation? Increased revenues? You sound like the folks in the know, ie activist shareholders, who dared criticize Moynahan during the last earnings call for lackluster performance. Bank has no ideas, if this isn't obvious by now a decade since the financial crisis, well, there's no hope for you. This is banking, it is boring, and that's all there is to it. Only growth in operating leverage will be at the existing employee expense base via the "wage arbitrage" that SLT spoke of trying to walk back the immigration policy to align with current administration. Even the rise in interest rates haven't done little to increase the optimism that was supposed to bring. Remember? Quarter point drops a billion in free money to the bottom line? Another lie from top of the house. Responsible growth - translation, we have no idea what the hell we are doing.
The shareholders from Omaha, NE believe in building the dream of most Indians from India by bringing them all here to save a couple of bucks.