Bank Of America Earnings Increase 70% In Second Quarter
Seeking Alpha Analyst Since 2013
Originally published at www.seclive.com
Bank of America (BAC) announced its second quarter financial results, reporting $3.6B in earnings, beat analyst expectations while also beating the $2.1B reported this quarter last year, a 70% increase. Total revenue was a 3% increase from last year with $22.9B, exceeding analyst projections of $22.8B. Bank of America has been taking steps to cut expenses by trimming the company's assets and reducing its employee count. Costs aside, the company believes its smaller size will make it easier to manage with hopes that it will also escape regulatory scrutiny. The bank has cut 7% of its workforce, or 18,300 jobs over the last year, bringing its total workforce to 257,000, down from its peak of 289,000 in 2011. You'll recall in Filings Digest May 24, 2013, that Bank of America was searching for buyers of 40 rural bank branches, as part of its asset reduction strategy.
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