05/11/2011 11:24 am ET Updated Dec 06, 2017

Bank Of America's Mortgage Business 'Struggling Mightily,' CEO Says

CHARLOTTE, North Carolina (Joe Rauch) - Bank of America Corp (BAC.N) is working to improve profits by reducing its number of problem mortgages and cutting other costs, Chief Executive Brian Moynihan told shareholders on Wednesday.

Moynihan, speaking at the company's annual meeting in downtown Charlotte, said the mortgage business of the largest U.S. bank by assets is "still struggling mightily" as it slowly crawls out from under the billions in soured home loans.

"There's still a lot of work ahead to get through this," Moynihan said to shareholders.

(Reporting by Joe Rauch; Writing by Lauren Tara LaCapra; Editing by Gerald E. McCormick)

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