Bank of America Corporation (NYSE:BAC): Current price $12.71
Matthew Unsworth, the firm’s head of Australian equities in Sydney, has exited and will not be replaced, according to Bloomberg, as Australian-based staff in equities trading, sales and risk will henceforth report to Hong Kong. In 2012, trading volume on the Australian stock market slid by 6.9 percent, following a 54-percent reduction in the previous 12 months. Also last year, the bank placed eighth for Australian and New Zealand equity and rights offerings, down two places from 2011, said data compiled by Bloomberg. BofA Chief Executive Brian T. Moynihan has divested in excess of $60 billion in assets so as to boost capital, and targeted $8 billion in yearly expense savings by 2015 at the firm.