After years of cost cutting, Bank of America has whittled its expenses down to the lowest level in five years. But B of A's expenses still far exceed those of its competitors JPMorgan Chase and Wells Fargo, and investors and analysts were clearly disappointed Thursday when Brian Moynihan, B of A's chairman and chief executive, failed to outline any specific plans for further reducing overhead.

"We don't expect a new program with expense targets," Moynihan told analysts. "We take additional actions on expenses every day."

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