BofA CFO says DOJ settlement is “important milestone”

Most legacy issues behind bank

Bank of America (BAC) has put most of its legacy issues from the financial crisis behind it, according to the bank’s Chief Financial Officer Bruce Thompson. Per MarketWatch.  

"While we are not completely done with our legacy issues, we have put most of them in the rearview mirror," said Thompson.

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. 

At the end of August, Bank of America announced it reached a $16.65 billion settlement with the U.S. Department of Justice, certain federal agencies and six states to resolve claims over toxic residential mortgage-backed securities, collateralized debt obligations and an origination release on residential mortgage loans sold to Fannie Mae and Freddie Mac.

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