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.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• PG&E Corp, Edison Spike; California Assembly Won't Take Vote On Utility Wildfire Bill
• Apple (AAPL) sets John Ternus' salary at $3M
• Iranian missiles, drones fired toward enemy positions - Fars