Bank of America, with its enormous retail banking franchise, could be one of the big winners when interest rates really begin to rise. That, unfortunately for B of A, has yet to happen. Instead, the bank is still struggling to boost profitability in the low interest rate environment. CEO Brian Moynihan has instituted cost cutting plans dubbed “New BAC” and “Simplify and Improve,” but the company’s actual performance has only improved modestly. Moynihan may have to wait until rates rise before he can see the new new BAC.
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