Bank Of America: Our ‘Inability To Adapt’ Could See A Failure To Compete With Crypto793.63

Bank of America has admitted to US regulators it may be "Unable" to compete with the growing use of cryptocurrency. In its annual report to the Securities and Exchange Commission this week, filed Feb. 22, the major US bank for the first time highlights cryptocurrency as an area that may cause it "Substantial expenditure" as it tries to remain competitive. "...The competitive landscape may be impacted by the growth of non-depository institutions that offer products that were traditionally banking products as well as new innovative products," BoA forecasts. "This can reduce our net interest margin and revenues from our fee-based products and services. In addition, the widespread adoption of new technologies, including internet services, cryptocurrencies and payment systems, could require substantial expenditures to modify or adapt our existing products and services[.]". The bank also pointed to staff retention failures and "Increasing competition" in the financial services industry as being detrimental to its prospects.
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