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.
12:08 Bank of America Profit Rises 43% on Trading Gains, Cost Cuts21
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13:21 Bank of America profits surge on cost cuts, trading gains23
12:02 Bank of America tops earnings forecast, predicts 'significant increase' in net interest income20