Brian Moynihan: BofA Execs Might As Well Have The Phrase "Always Be Firing" Tattooed To Their Faces

It's basically the mantra of the company, so.
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In case anyone needs a refresher on the bank's slogan. In related news, probably wise for existing Bank of America Merrill Lynch employees to gird their loins.

Brian Moynihan: We're down -- headcount continues to work its way down in our company. That's the expense mantra that we all talk about. But the reality is in a -- this quarter, we hired over 1,000 new students, new kids in from school. We added 1, 000 client-facing people. And we still were able to manage through hard (INAUDIBLE) work 1,500 net people out of the company. Bloomberg: You have been able to reduce expenses, to the point you just made, in part by reducing headcount dramatically over the space of the past five years. Yet, if I compare Bank of America to some of the other banks in your industry, the comparison could still be more favorable. Wells Fargo has an efficiency ratio, non-interest expenses as a percentage of revenue in the order of 57 percent. You guys are north of 60. Why can't yours be 57 percent? Moynihan: We're going to have -- there's going to be differences in business mixes, but ours should be better. Bloomberg: Better than it is today. Moynihan: Better than it is today. And that's going to come.

Bank of America CEO Moynihan Says Headcount Will Come Down [Bloomberg]

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Layoffs Watch '12: Brian Moynihan Wasn't Joking About Cutting Thousands Of Employees

Would've been quite the gag but no, he was serious, in case there was a question in anyone's mind. Wall Street workers got another warning shot across the bow as the nation’s biggest banks gear up to report third-quarter results beginning today. Bank of America chief Brian Moynihan yesterday said that he planned to make good on a springtime plan to cut a whopping 30,000 workers from the sprawling Charlotte, NC-based bank’s work force. “As we continue to get through the mortgage issues at Countrywide, you’ll see the head count come down substantially,” Moynihan told Bloomberg Television. Moynihan has been struggling to put the lumbering bank on a diet and shed nonessential businesses and workers in an effort to reverse the course embarked upon by his predecessor, Ken Lewis. The former CEO hastily gobbled up mortgage giant Countrywide Financial and Merrill Lynch at the height of the financial crisis. In a plan dubbed “New BAC,” Moynihan’s pink-slip program will trim 10 percent from its work force of 275,000. [NYP]

Brian Moynihan Is Walking On Sunshine

The BofA chief is pretty much having the best day ever. Not to get ahead of ourselves, but his IT guys are THISCLOSE to registering www.brianmoynihnanDOESNTsuck.com before one of his fans can.