Wealth Management is Our Least Efficient Business: BofA CEO

Amid mounting pressure to improve its efficiency, executives at Bank of America are setting their sights on the bank’s wealth management units, including Merrill Lynch and Bank of America Private Bank. A stronger technology play instead of layoffs could improve the wealth unit’s efficiency, Craig Kilgallen, a relationship manager at FUSE Research Network, said.

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Article published on October 18, 2023