Bank of America Corp. chief executive Brian Moynihan promised investors he would save $5 billion in costs, but was otherwise scarce on details during a much-anticipated speech on Monday.

He did not discuss specific plans for cuts, despite widespread reports last week that Bank of America is mulling laying off up to 40,000 employees.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.