Bank of America seeks to cut its annual expenses by $5 billion a year, through its major cost cutting initiative, the bank's chief executive said.
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The bank has about 50 senior employees reviewing some 150,000 ideas for cutting costs, said CEO Brian Moynihan at a Barclays Capital conference.
The bank has about $73 billion of annual expenses excluding goodwill impairment that it can use as a baseline for trimming. Bank of America hopes its ratio of expenses to revenue will decline to 55 percent.