In his annual letter to shareholders, Bank of America CEO Brian Moynihan says the company is working to improve customer experience, sitting down with policymakers reforming the financial system, improving risk management practices and making changes to its compensation structure.
"Before and during the recent crisis, many of our collective business judgments missed the mark," Moynihan writes in the letter. "We believe the changes we’re making now will put us in a much better position to see and respond to macroeconomic risks in the future."
Moynihan said that early in the banking crisis it became clear that customers "across all our markets were frustrated with their banking experience." The Charlotte bank has responded with statements that better explain credit cards and mortgage loans, simpler products and reduced fees, he said.
Moynihan, who took the helm on Jan. 1, also highlighted the bank's efforts to modify mortgages and small business credit card loans to help struggling borrowers.
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