We’ve told you for months that Brian Moynihan would have to step-up the cost-cutting at BAC in order to reflect the depression in lending revenue. Now that reality — reflected in trading desk and branch closures — is out in the open.
But the scope is even greater than we expected. It is enterprise-wide, top to bottom, with both outside consultants and 44 top execs working full time to ID cost savings. Such a full-court press is precisely the sort of thing that could provide cover for massive shake-ups in BAC structure, including where jobs are performed.
If — if — Moynihan is ever going to move BAC’s HQ out of Charlotte — in name or headcount — Project New BAC would provide the perfect opportunity. Stay tuned.