BofA Earnings Up
Bank of America says it made $2.5 billion - or 19 cents a share - during the second quarter this year. That's a significant improvement from the same quarter last year when the bank reported a loss of more than $8 billion that was due mostly to mortgage-related charges. During a conference call with analysts this morning, CEO Brian Moynihan said the bank is focusing on four main areas this year: "We told you we would focus on improving our capital levels. We told you we would we focus on managing our risk. We told you we would focus on reducing our costs base. And we told you we would focus on driving core business improvement. This quarter, we saw improvement in each of these areas." Part of reducing the costs base Moynihan mentioned is cutting jobs. Last year, Bank of America implemented a new cost saving initiative it says will save several billion dollars while cutting a total of 30,000 jobs over the next few years. So far, the bank has cut about 20,000 jobs.