Bank of America posts quarterly profit as cost-cutting pays off

October 14, 2015 11:23 AM

31 0

Bank of America posts quarterly profit as cost-cutting pays off

Bank of America Corp (BAC.N) reported a quarterly profit, compared with a year-earlier loss, as Chief Executive Brian Moynihan's cost-cutting efforts helped the bank put the problems stemming from the financial crisis further behind it.

Non-interest expenses fell 31 percent to $13.81 billion in the third quarter, mainly due to an 83 percent drop in expenses in the bank's legacy assets and servicing unit, which houses many of the bad loans inherited from Countrywide Financial.

Also read: ECB sets Banco Popular's 2017 capital level at 7.875 percent

Read more

To category page

Loading...