Is this a quite BK???
Submitted by Tyler Durden on 10/21/2011 17:41 -0400
BAC
Bain
Bank of America
Bank of America
Merrill
recovery
Any internal memo that is distributed on the last day of the week, and intercepted by American Banker at 5pm on a Friday, must surely be a portent of many good news for the bank which recently added a few trillion in derivative "assets" to match its OpCo deposit pool "liability". We can only hope that as a result of the restructuring, the company's retail banking website will no longer mysteriously crash following announcements of gratuitous debit card fees. ]b\Then again, any BofA announcement that has the following sentence in it, "remember, we have the best franchise, capabilities, and customer base in the industry" confirms that the level of mass delusion is unfixable, and that the website will most certainly be the first to go once the bank's $1 trillion in deposits realize they are the first line of defense to just a few extra trillion in derivative contracts.[/b]
Message from David Darnell, Co-Chief Operating Officer
Today I am announcing additional changes to Consumer and Small Business Banking and Home Loans, and how we serve our customers. These changes are consistent with our goals to streamline our company, make us more efficient and effective, and align to our customer-centered strategy. The changes also better position us in continuing to accelerate our strategy while implementing ideas from phase one of New BAC.
It is critical to deliver a seamless experience to the Retail, Preferred and Small Business customers across all products and services. Central to that effort is integrating the Home Loans and Consumer and Small Business Banking organizations. As you have heard many times, no customer thinks of us as individual business units. They rightly think of us as Bank of America. Our strategy has not changed:
Customer teams will define what our customers want and need.
Products teams will build the right product solutions to meet those needs.
Distribution and service teams will deliver to our customers, providing
http://www.zerohedge.com/news/bank-america-restructuring-its-retail-bank-division-full-memo?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29
Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.
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