By Cyrus Sanati, contributor

FORTUNE -- Bank of America has set some lofty cost-cutting and revenue-enhancing goals, but it remains unclear how it is going to achieve them. The bank has yet to post any measurable declines in operating costs, despite it already entering the second phase of its self-induced cost-cutting bonanza. Meanwhile, the firm has seen its top line shrink quarter-after-quarter with no relief in sight. Brian Moynihan, Bank of America's chief executive, will need to show investors some results quickly.

Bank of America's stock has rallied in the last month on optimism that the company can turn things around this year. Nevertheless, it is still trading below where it was in August when solvency rumors caused its shares to tank. At the time, a cash...