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BRIEF-Bank of America updates timeline for cost savings
July 16, 2014 / 3:25 PM / in 3 years

BRIEF-Bank of America updates timeline for cost savings

July 16 (Reuters) - Bank of America Corp Chief Financial Officer Bruce Thompson said on a conference call with analysts discussing Q2 earnings: * Cost savings associated with New BAC program to be achieved ahead of schedule * Expect to reach $2 billion of New BAC expense savings by Q4 2014 instead of mid-2015 * Cost savings in legacy mortgage division to be delayed because of compliance issues * Expect $1.1 billion of legacy mortgage cost savings by Q1 2015, not Q4 2014 * Would not expect future sales of non-performing loans anywhere near the $2.1 billion sold in Q2 * Looking to sell one more portfolio of mortgage servcing rights in Q3 * MSR portfolio is relatiavely small but has high content of 60-day plus delinquent mortgages

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