Bank of America chief financial officer Bruce Thompson said Monday that the Charlotte bank is essentially done with the massive asset sell-off that dominated the last two years and bumped it from being the largest U.S. bank.

“We’re largely reset,” Thompson told investors at a financial services conference hosted by Barclays. “We’re focused at this point on looking to grow.”

Since CEO Brian Moynihan took the helm in early 2010, Bank of America has been selling off portfolios and units it deems are not core to its business. In total, the bank’s shed more than $50 billion in assets through 20 separate transactions.

That’s included everything from the sale of Balboa Insurance, to credit card portfolios in Spain and the United Kingdom, to the bank’s stakes in BlackRock, China Construction Bank and Santander.

Last month, Bank of America announced that it had sold Merrill Lynch’s overseas wealth management unit to Swiss private bank Julius Baer Group.

The bank says these moves have helped boost liquidity and generated billions in new capital. They also helped allow JPMorgan Chase & Co. to overtake the bank as the nation’s largest.

Now, Thompson said the bank is ready to increase its commercial loan portfolio. Some of that may come from buying loans from European banks looking to unload them, as Wells Fargo has done recently.

Bank of America is still looking to cut costs, with a target of reducing expenses by $8 billion per year by 2015, including about 30,000 job cuts. One investor asked how the bank would be able to increase its revenue while trimming down.

Thompson said the bank was still hiring financial advisers and bankers to serve affluent retail customers.

“We’re very sensitive to not just looking at expenses,” Thompson said. “We’re investing in those areas where we look to drive revenues going forward.”

In part because of the asset sales, Bank of America “has finally put its capital question to bed,” Barclays analyst Brian Morton wrote in a research note about the presentation. He noted that the overall themes of the presentation were positive.

But investors remain concerned about the specter of Bank of America being forced to buy back bad loans it sold in securities. A poll conducted during Thompson’s presentation showed that 52 percent of people there named mortgage putbacks as their top concern for the stock.

Bank of America stock shrunk 2.5 percent on Monday, closing at $8.58.

Dunn: 704-358-5235 Twitter: @andrew_dunn