Bank of America Mortgage: Bad Mortgages, Low Interest Rates, Being Solved by New BAC’s Implementation, Bank Says

By on Sep 13, 2011 in Banking, Business, Economy, Finance, United States Comments

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Bank of America mortgage issues concerning bad mortgages and low interest rates could be solved supposedly by the New BAC’s (Bank of America Corporation’s) implementation. This is according to a new statement issued by Bank of America (BofA) and reported on various financial news on September 12, 2011. The bank stated that:

’Bank of America’s Project New BAC is key to the company’s strategy of focusing all of its resources on serving individuals, companies, and institutional investors.’’

Bank of America serves more than 40 countries worldwide and is considered as ‘one of the world’s largest financial institutions.’’

According to ABC news, September 12, Brian Moynihan, BofA’s chief executive has said that the bank is:

‘…focusing for now on cutting costs in consumer banking and is taking steps like combining data centres to reach its target.’

Further reports stated that Project New BAC’s Phase I has already started implementation in January 2010, and is nearing completion. This includes the reduction over the years of around 30,000 jobs for BofA. The New BAC’s Phase II will begin in October and ends March 2012,

According to Bank of America, as published in its newsroom,

‘’Full implementation of approved ideas in Phase I is expected to lead to net expense reductions of $5 billion per year by 2014, on a baseline of $27 billion in annual expenses for the areas the company reviewed.’’

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