President Donald Trump’s first year at the helm was a near perfect storm for banks. Not only did regulators seek to soften post-recession rules against Wall Street, the Federal Reserve also boosted interest rates—widened the spread between what the bank earns off loans, and what they payout to depositors. Bank of America was no exception. Consumer banking revenue, excluding net interest income, rose 9% in 2017. And displaying CEO Brian Moynihan’s deft cost-cutting hand, income in the segment rose 14%. That’s not to say the year was perfect–the ever-rising stock market kept investors complacent and trading revenues depressed.
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It was about employees.
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