Bank of America profits soar in Q2
Source: Agencies |
July 18, 2013, Thursday
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Print Edition
Print Edition
BANK of America says its second-quarter profits soared, helped by higher earnings from investment banking and cost-cutting.
The results beat analysts' expectations. The bank earned US$3.6 billion in the quarter after payments to preferred shareholders. That was up 70 percent from US$2.1 billion a year ago.
Per share, that worked out to 32 US cents. Analysts polled by FactSet had expected 25 US cents per share.
Bank of America, the United States' second-biggest bank by assets, has been slimming down and cutting jobs since CEO Brian Moynihan took over at the beginning of 2010, a departure from the empire-building of his predecessors.
In the second quarter, the bank slashed expenses about 6 percent, to US$16 billion from US$17 billion a year ago.
It also cut about 18,300 jobs over the year, or nearly 7 percent of its work force. The bank now has about 257,000 staff, down about 11 percent from its peak of nearly 289,000 in early 2011.
The results beat analysts' expectations. The bank earned US$3.6 billion in the quarter after payments to preferred shareholders. That was up 70 percent from US$2.1 billion a year ago.
Per share, that worked out to 32 US cents. Analysts polled by FactSet had expected 25 US cents per share.
Bank of America, the United States' second-biggest bank by assets, has been slimming down and cutting jobs since CEO Brian Moynihan took over at the beginning of 2010, a departure from the empire-building of his predecessors.
In the second quarter, the bank slashed expenses about 6 percent, to US$16 billion from US$17 billion a year ago.
It also cut about 18,300 jobs over the year, or nearly 7 percent of its work force. The bank now has about 257,000 staff, down about 11 percent from its peak of nearly 289,000 in early 2011.
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