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Aiming for average

18 July 2012 By Antony Currie

The U.S. mega-bank’s plan to reduce costs is paying off. Brian Moynihan is now targeting annual cuts of $8 bln altogether by 2015. On recent form that would boost tangible equity returns to around 10 pct – probably just enough. But without revenue growth, BofA will look mediocre.

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