NEW YORK ( TheStreet) -- Bank of America (BAC) is ready to reverse a decades-long strategy of growth, honing in on the most profitable members of its massive customer base rather than adding new customers through acquisitions.
In fact, CEO Brian Moynihan said on Wednesday that the bank is looking to sell off more of its "lazier" assets. Bank of America plans to replace that income by drawing more from the sweet profit nectar of healthy middle-market consumers, and fast-growth areas outside the United States.
"That's the operating model: Serve consumers, companies, investors, user franchise, and get the most out of the middle," the recently-crowned CEO told investors at a financial services industry conference sponsored by Citigroup (C).
He characterized Bank of America's former business model as "a sales machine" that "measure
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