"No one is more educated about these cases than Bank of America unfortunately," Moynihan said when commenting on JPMorgan's legal battle.

Moynihan would, however, rather not get lost in the debate of whether regulators are unfairly prosecuting the two banks for pre-crisis behavior of entities they acquired at the height of the crisis.

"What's fair and unfair is an interesting debate to have at 10:00 in the night by myself," he said.

Right now, he says, the bank's focus is on "responsible growth" and finding the right balance in the various businesses to rein in overall risk. That might mean giving up some revenue in some cases.

"We need to stick to our knitting. This might make some people unhappy. We have to be customer focused but we should not kill ourselves," he said.

Indeed, the future that Moynihan envisages for the bank is quite boring and might drive the exit of those Wall Streeters who get a kick out of deal-making and risk-taking.

An initiative Moynihan seems particularly proud of is the bank's investment in building a mobile banking platform. Customers can deposit checks through their mobile phones by simply clicking a picture of a check.

Moynihan says the half a billion dollar investment the bank made is paying off with 7,000 customers signing up for its mobile banking services a day.

"We need to have management who get a charge out of serving clients, building mobile platforms, focusing on responsible growth. Otherwise you have to get out," he said.

-- Written by Shanthi Bharatwaj New York.

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Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.

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