BofA talks mobile, cost cuts, legal reserves on earnings call

|About: Bank of America Corporation (BAC)|By:, SA News Editor

"People effectively carry a branch in their pocket," says Bank of America (BAC) CEO Brian Moynihan on the earnings call (live now on Seeking Alpha), noting mobile banking customers grew 19% Y/Y to 15M and 10% of deposits now take place on mobile devices. Consumer banking costs fell 4% from last year, he notes. CFO Bruce Thompson: “We continue to reduce production staffing levels in the quarter consistent with the volumes.”

Inquiring minds want to know more about the $2.4B boost to litigation reserves, and management is fairly tight-lipped, saying they're about addressing previously disclosed mortgage-related issues. Ambac (AMBC) shareholders looking for movement in their case against BofA may be disappointed as Thompson says the reserve increase isn't about a pending settlement with the monolines.

Presentation slides

Earlier BofA earnings coverage

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