I have read the memo and basically B of A has invested 1.3 milion hours in technology development and testing to achieve the power of one consistent platform.
Nearly 500,000 training hours to build employee proficiency to take care of their customers and clients. B of A has revamped their system to be customer-driven.
Basically they are gearing up for lot's of wealthy clientel to have a first-class banking experience. The memo required madatory confirmation of readership, so everyone who works for the bank has to acknowlege that it was read.
This new transformation was "launched"....TODAY. It has the appearance that they are gearing up for a bunch of new wealthy clientel. I do not neccesarily think this IS the transition to Basel III but it is exciting to see that they are prepairing for massive changes, IMHO. All of this can be regarded as good news