Bank of America earned billions of dollars in profits last quarter, even as banking officials expressed concern recently about the effects of new regulations on their bottom line.
The bank reported third quarter gains of $6.2 billion,
compared to a $7.3 billion loss during the same quarter last year. The
boost in profits came largely from an accounting gain and the pre-tax
benefits from the sale of its stake in a Chinese bank.
(UPDATE: Reuters reports that Bank of America ceded its ranking as the largest bank by assets to JPMorgan Chase. Bank of America is now the second largest bank).
The increase in profits comes after Bank of America roiled customers by announcing that it will start charging customers $5 per month to use their debit cards for purchases in 2012. Shortly after the bank announced the fee, Bank of America CEO Brian Moynihan defended it, saying that the bank "has a right to make a profit."
No comments:
Post a Comment