Bank of America Corp. chief executive Brian Moynihan promised investors he would save $5 billion in costs, but was otherwise scarce on details during a much-anticipated speech on Monday.
He did not discuss specific plans for cuts, despite widespread reports last week that Bank of America is mulling laying off up to 40,000 employees.
“All the businesses we have make money except for mortgages,” Moynihan said during his presentation at a Barclays financial service conference on Monday, adding, “We need to keep working on” the bank’s mortgage operations.
Last month Bank of America resorted to taking a $5 billion insfusion from legendary investor Warren Buffet, at terms that were widely considered much more favorable to Buffett than to B of A.
