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| Version 1 | Version 2 |
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| Bank of America profits leap on cost cutting | Bank of America profits leap on cost cutting |
| (about 7 hours later) | |
| Bank of America has reported a sharp rise in profits of 70%, largely thanks to cost-cutting measures. | Bank of America has reported a sharp rise in profits of 70%, largely thanks to cost-cutting measures. |
| Second quarter net income at the bank rose to $3.57bn (£2.35bn), from $2.10bn in the same period a year ago. | Second quarter net income at the bank rose to $3.57bn (£2.35bn), from $2.10bn in the same period a year ago. |
| The bank has been cutting costs and jobs since chief executive Brian Moynihan took over at the beginning of 2010, | The bank has been cutting costs and jobs since chief executive Brian Moynihan took over at the beginning of 2010, |
| Expenses were cut back by about 6%. to $16bn from $17bn. The bank has cut about 18,300 jobs over the past year. | Expenses were cut back by about 6%. to $16bn from $17bn. The bank has cut about 18,300 jobs over the past year. |
| Bank of America plans to have lowered costs by $8bn by 2015. | Bank of America plans to have lowered costs by $8bn by 2015. |
| In the second quarter the bank also benefited from lower litigation costs, having settled a number of high-profile lawsuits related to its mortgage unit. | In the second quarter the bank also benefited from lower litigation costs, having settled a number of high-profile lawsuits related to its mortgage unit. |
| Total revenue was $22.9bn after stripping out one-time charges, an increase of 4% on the same time a year ago. | Total revenue was $22.9bn after stripping out one-time charges, an increase of 4% on the same time a year ago. |
| Bank of America's shares ended the day's trading 2.8% higher. | |
| "We are doing more business with our customers and clients, and gaining momentum across every custom group we serve," said chief financial officer Bruce Thompson. | "We are doing more business with our customers and clients, and gaining momentum across every custom group we serve," said chief financial officer Bruce Thompson. |
| "We must keep improving, but with the consumer recovering and businesses strong, we have lots of opportunity ahead." | "We must keep improving, but with the consumer recovering and businesses strong, we have lots of opportunity ahead." |