- The big banks have trimmed more than $40B in expenses since the financial crisis, and they're not yet done, write Telis Demos and Liz Hoffman in the WSJ.
- They're now mulling plans to work together to slash even more from back-office functions, with one effort being dubbed "Project Scalpel." The hope is that at least another $2B could be cut from expenses.
- At work is a change in the way the financial world works. In the past, the ability to process trades, ownership transfers, dividend and interest payments were considered competitive advantages. Now those processes and systems are commoditized, meaning it may make more sense for the likes of BAC, C, WFC, GS, JPM, and MS to just join forces.
Banks look to save billions more with Project Scalpel
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