Topic: Bruce Thompson
Bank of America's profits jumped 70 percent in the second quarter, helped by cost-cutting and higher earnings from investment banking. Bank of America, the country's second-biggest bank by assets, has been slimming down and cutting jobs since the beginning of 2010.
Bank of America has agreed to settle a class action lawsuit brought against Countrywide Financial, its troubled mortgage lending arm. The settlement came as Bank of America announced its first quarter income, with profits soaring but failing to meet analysts' expectations.