Moynihan says BofA has shifted more salespeople to servicing

12/7/2010 | Bloomberg

Brian T. Moynihan, chief executive officer at Bank of America, said the company has continued to reassign salespeople to its mortgage-servicing division, a move that will likely pressure revenue. "We have recently moved a couple more thousand people from our sales side, our centralized sales group, over to our servicing areas," Mr. Moynihan said. "In addition, we continue to hire externally. Thereby we have elevated costs in this platform. These costs will stay elevated for the next several quarters and may impact our market-share momentum."

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