This would indicate that the organization-wide changes implemented as a part of Project New BAC, are actually yielding results.

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But Moynihan has spent much of the last year pushing to get BofA working again by cutting costs with his Project New BAC plan, and selling non-core assets like its non-U.S. wealth management unit, for instance.

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Also, it is not at all clear that they (i) are maintaining their market share in many lines of business, or (ii) are not damaging their ability to serve customers and generate revenue by cutting so much staff in Project New BAC.

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