Bank of America profit rises on fixed-income trading and cost cuts
NEW YORK — Bank of America on Monday posted a 7.3% jump in third-quarter profit, as the second-biggest US bank by assets said trading revenue for the period rose to the highest in five years.Net income climbed to $4.96bn, or 41c a share, from $4.62bn, or 38c, a year earlier, the Charlotte, North Carolina-based company said. Adjusted earnings per share excluding accounting adjustments were 42c, beating the 33c average estimate of analysts surveyed by Bloomberg.CEO Brian Moynihan has been cutting costs for years while contending with persistently low interest rates. That is now paying off as Wall Street firms benefit from a mid-year rebound in fixed-income trading and the company moves beyond epic legal claims over mortgages that soured in the financial crisis. Earnings increased in all four of the bank’s major business lines."We delivered strong results this quarter by staying true to our strategy of responsible growth and focusing on the quality of the relationships with our custome...
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