Boston, MA 05/25/2014 (wallstreetpr) – The strongest financial service provider across the globe, Bank of America Corp (NYSE:BAC) is setting up new goals and discussing its outlook for coming quarters. In furtherance of the same, it has announced to participate in upcoming conferences to acquaint the stakeholders with its new strategies. Further, it is also taking a range of steps to reduce the increased costs over non-yielding units. Thus, BAC is all geared up to deliver stronger results in its coming quarters. However, multiple investigations from various law firms and commissions create obstacles for BAC that needs to be dealt effectively by the company.
Conference Call
Bank of America Corp (NYSE:BAC) announced that it set to participate in the Stanford C. Bernstein 30th Annual Strategic Decisions Conference. It is scheduled to take place on May 28, 2014 in New York. The Chief Executive Officer of BAC, Brian Moynihan, will represent BAC in the conference. The conference webcast can be accessed by through the official website of the BAC.
Shut-down of earlier-Set Units
Bank of America Corp (NYSE:BAC) recently announced to dismantle its electronic market-making unit that was established to serve the wealth-management clients of Merrill Lynch. High scrutiny and conflict of interest resulted in shutting down of this unit by BAC. The unit was operated by Jonathan Wang and Steven Sadoff. However, the Bank decided to use part of the business established by Wang and Sadoff towards its equities services and in assisting its solutions team. It was further announced that the automated market-making unit will not be affected by this move.
Initiation of Enquiry
Recently, U.S. Securities and Exchange Commission announced the initiation of enquiry into the operational steps of Merrill Lynch in policing the identities of its clients. The investigation is initiated to muster evidence regarding the breach of anti-money laundering rules that require proper knowledge about the customers. SEC is yet to find and comment conclusively on the final findings.
