The polls haven’t closed yet, but as of right now Bank of America appears to be heading to the finals in this year’s Worst Company In America tournament. But unlike reigning WCIA champ Comcast, which would rather ask its employees to flood the ballot box than fix the problems, BofA has reportedly started a company-wide initiative to at least pay lip service to the idea of making the company run more smoothly.
The Wall Street Journal’s Deal Journal blog reports that BofA head honcho Brian Moynihan has announced something called “Project New BAC,” which is asking employees for ideas on lowering expenses (other than firing Mr. Moynihan, of course), lift revenue and just generally suck less.
Writes Deal Journal:
Forty-four executive will devote work full time on “Project New BAC” over the next five or six months, with the help of two consulting firms, EHS Partners and Promontory Financial Group. They’ll fan out around the company to ask employees low- and high-level for ideas on how they can do their jobs better and how BofA can tweak its financial-product offerings to make them more appealing.
The first things to go under the Project New BAC microscope will apparently include the two culprits that make BofA a perennial high seed in the WCIA bracket, its consumer banking and home loans operations.
So what do you think: Is there a possibility that BofA could improve in the near-term, or is this just all window-dressing?
There are plenty of good people working at Bank of America, but only time will tell if anyone actually listens to what they have to say.