BofA To Save Big On Reduced Debt

Bank of America Corp (BAC) said it expects to reduce its long-term debt by about $40 billion in the second quarter, eliminating interest expense of $230 million per quarter going forward. A tidy sum. The bank had previously said it has $34 billion in debt maturing in the quarter. BAC has also taken steps to redeem subordinated debt, trust preferred securities and other securities. They are looking to drive the debt footprint down.

Bank of America Corp (BAC).

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