Bank of America Is Continuing to Slash Expenses

Bank of America Is Continuing to Slash Expenses

Bank of America (NYSE: BAC) announced a little over a year ago that it would lower its annual expenses to $53 billion by 2018. With only one quarter left before the new year, the bank is on track to meet this goal.

You can see this by looking at Bank of America's third-quarter performance. Noninterest expenses for the bank came in at $13.1 billion in the three months ended Sept. 30, down 2.5% from the year-ago period.

If you annualize that -- i.e., multiply it by four -- you get $52.4 billion. Assuming nothing unexpected happens between now and the end of next year, then, Bank of America is ahead of schedule when it comes to meeting its latest expense target.

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Source: Fool.com