Ken Lewis, chief executive, said he would review every business that led to the dismal third quarter performance, which was much worse than analysts expected.In a piece by David Mildenberg on Bloomberg he stated that during yesterday's conference call Lewis said
“What I can’t say is that we will stay the course and go forward as we have in the past,” he said. “The probability of changes and elimination of some businesses and infrastructure reassessment is very high.”
... the company plans to scale back its investment banking unit after trading mistakes led to $717 million of losses.Keep an close eye on what Lewis and top management do to address the earning problems facing the bank. Unlike Prince, Lewis has been a master until now at managing BofA.
For more see:
Independent UK
DealBook
Reuters
SeekingAlpha
Times Online UK
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