Bank of America focuses on mortgage problems

Bank of America is working to improve profits by reducing its number of problem mortgages and cutting other expenses, chief executive Brian Moynihan told shareholders yesterday.

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

“There’s still a lot of work ahead to get through this,” Moynihan told shareholders. At the meeting, shareholders elected all 13 director nominees onto the board of directors. No shareholder proposal gained enough support to pass.