BofA (BAC) Trades Higher as CEO Moynihan Tries to Calm Investor Nerves

Bank of America (NYSE: BAC) is trading higher Monday morning, reversing Friday's loss, following comments from CEO Brian Moynihan at Barclays Capital Global Financial Services Conference.

Highlights from Moynihan:

• Cost-cutting measures to save about $5 billion in annual costs;
  
  
• No job-cutting measures detailed;
  
  
• Three core issues for BofA: Persistently slow economic growth, hangover from BofA's purchase of Countrywide in 2008, and new Basel III requirements;
  
  
• In terms of loan growth, Moynihan comments, "There’s not a lot of economic activity [driving growth].";
  
  
• Nothing new with long-in-the-works mortgage-settlement talks with bigger banks and regulators;
  
  
• Will have sufficient capital to meet Basel III requirements;
  
  
• Makes comment, "before we issue stock...";
  
  
• Says Buffet investment was "right thing to do at the time," "wasn't something planned upon."
  
  
• Will add employees where needed, such as small business banking and financial advisers; and
  
  
• Did not comment on whether BofA would push Countrywide into bankruptcy.

Shares are up nearly 1 percent early Monday.

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