banking

BofA’s Moynihan expects $4B near-term boost, Brown says

Posted 2/29/12

NEW YORK - Bank of America Corp., the second-biggest U.S. lender, can improve results by about $4 billion per quarter as expenses subside and trading rebounds, said Thomas Brown, CEO of Second Curve Capital LLC.

Brown said Wednesday that he met CEO Brian T. Moynihan Tuesday and asked how the Charlotte, N.C.-based firm would improve revenue before taxes and loan-loss provisions, which plunged to $4 billion a quarter from about $10 billion.

“What he said is, in the near term, we’ve got a billion dollar per quarter improvement we can do in the capital markets that was unusually weak in the fourth quarter,” Brown said in an interview on Bloomberg Television’s “In the Loop” with Betty Liu. Moynihan said the firm can reduce $2 billion per quarter in costs through his efficiency plan and mortgage expenses will come down by another $1 billion, Brown said.

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