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Post by bot on Sept 10, 2014 16:42:11 GMT -5
NEW YORK (MarketWatch) -- Bank of America Corp. has put most of its legacy issues from the financial crisis behind it and it was a "milestone" for the company, said the bank's CFO Bruce Thompson, speaking at a conference in New York on Wednesday. "While we are not completely done with our legacy issues, we have put most of them in the rearview mirror," said Thompson. Bank of America settled with the Department of Justice for $16.65 billion in August over claims of the bank sold shoddy mortgage products to investors. Thompson said the bank was well-capitalized and was well-positioned for rising rates. The bank's planned cost savings of $2 billion expected mid-2015, would happen earlier than expected, at the end of this year. When asked about trading revenues, the CFO said he expects to be in-line with peers, July was a reasonable month, August was typically slower. Bank of America shares were up 0.62% in trading and have been up more than 4% year-to-date.
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