Back office technology, support 'need to come down'.
The Charlotte Business Journal has provided a quick update on Bank of America's Project New BAC: The bank's CFO, Bruce Thompson, told investors Tuesday that BofA's remaining cost cuts would be coming from back-office operations and other behind the scenes units.
Speaking at a Morgan Stanley conference, Thompson said employees that generate revenue for the bank are no longer at risk of being laid off as part of a cost-cutting maneuver. Instead, Charlotte-based BofA has been adding staff in units that deal directly with customers.
'At this point the remaining work to be done within new BAC does not touch client-facing people at all', he said in response to a question on the topic.
'The remaining work that needs to be done within new BAC is there continues to be, whether it would be back-office technology, support areas, and other areas within the consumer business that need to come down'.
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