Bank of America has eliminated “some managers” from its US Trust unit amid a “company review of expenses,” Bloomberg reports, citing two unnamed sources.
The sources declined to comment with regards to how many of about 40 managers were affected by the review, but they did say that some other managers overseeing private client advisors were also cut.
The bank could not be contacted to confirm the details in time for publication.
BofA chief executive Brian Moynihan is “seeking ways to lower expenses without reducing the productivity of wealth managers,” according to the report.
Moynihan said he will “reveal details next month” of how his efficiency effort - “Project New BAC” - could shave off as much as $3 billion in annual expenses within the firm’s wealth management and investment banking units, it continued.
In other recent BofA developments, yesterday it emerged that Switzerland’s Julius Baer, one of the banks rumored to be interested in buying Merrill Lynch’s non-US wealth business, said it is in talks with the US-listed giant about a possible deal.
Other banks which have been mentioned in media reports as possible suitors, such as Credit Suisse, UBS, Royal Bank of Canada and Wells Fargo, have not commented on the matter.