BofA's (BAC) Moynihan Speaking at Fairholme Capital Meeting

BofA's (NYSE: BAC) President and CEO Brian Moynihan has just began a speech on teleconference hosted by Fairholme Capital. Below are the highlights so far:

• recent market volatility has been "hard to imagine"
  
• consumer spending in July is up compared to a year ago
  
• BofA's core franchises are continuing to perform
  
• Moynihan planning to cut operating costs "across the board"
  
• improvements have been made in credit-card charge offs and delinquencies
  
• the bank's top priority has been to transform its balance sheet

More to come. Stay tuned.

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