Bank of America's (BAC) chief financial officer said Monday that the banking giant is still in the "early innings" of its cost-cutting initiatives but that it remains on track to reduce its annual overhead by $8 billion a year by mid-2015.

Speaking at the Barclays Global Financial Services Conference in New York, Bruce Thompson also sought to ease investors' fears that B of A is not setting aside enough funds to deal with problem mortgage loans and disputed the assertion that the nation's second-largest bank is too big to manage.

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