Nobody Likes Bank of America's $8.5 Billion Mortgage Settlement
A week after news broke that Bank of America Plaza in Atlanta was facing foreclosure, the financial giant is thinking about selling almost all of its real estate. "We are currently reviewing all of our properties across our portfolio, with the exception of Bank of America Corporate Center in Charlotte and Bank of America Tower at One Bryant Park," a spokeswoman told Bloomberg on Friday. It's all a part of chief executive Brian Moynihan's process of "reevaluating the bank’s real estate needs as he eliminates at least 30,000 positions and seeks to trim as much as $8 billion in annual expenses."
Turns out it's pretty expensive to rip off your customers, help cause a recession and then have to pay America back through SEC settlements.
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Adam Clark Estes
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