BofA has showcased "a good start to the year," but the bank needs to offset weak revenue by slashing even more.
..."Where can that come from? Lower comp," the report states. "BAC's compensation expenses to revenue ratio is highest among both money centers and super-regionals."
..."We believe they have room to bring this down, especially in a low revenue environment.
Isn't the economy supposed to be going well?
If everything's copacetic,
why are we in a "low revenue environment"?
We expect lower comp, coupled with automation and branch consolidation, should drive BAC's core expense ratio down from 60 percent in 2014 to 59 percent in 2015 and 57 percent in 2016."
What does "automation and branch consolidation" mean?
If "automation and branch consolidation"
means fewer workers and lower pay,
are things getting better or worse?
...BofA has cut 70,000 jobs since 2011. Its annual personnel expenses have dropped to $33.79 billion in 2014 from $36.97 billion in 2011.
And the apocolipsticaly relatively compromised "sell side" analyst says;
“It was another confusing quarter for the investment community,”
Edward Jones analyst Shannon Stemm said...
“It was nice to see the litigation stay low, but it’s disappointing to see so many items that keep clouding the results and the outlook.”
FUBAR and you wouldn't know it,
as the Business Journal isn't in the business of transmitting truth,
but corporate propaganda to support advertising revenues.
How many became aware of the news from the article?
Less than 5% of the population, if that?
The rest are watching or reading entertainment,
or are being informed of relatively meaningless news
provided by our local and national 'directors of passivity'
in the 'news'/media/thought control business
condoned and/or financially supported by the same
or other interested interests via elected puppetry.
Many brains have been hacked,
and they probably don't know,
don't want to know.
or wouldn't care enough to do anything about
if they understood what most have been conditioned
to not know.
Most reading this are most likely tourists
swimming in a sea of disinformation.
I apologize for the momentary wake up call.
Please press the snooze button to resume your...