Bank of America reports $2.5 billion income in second quarter
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CHARLOTTE -- Bank of America is reporting net income of $2.5 billion in the second quarter. That's compared to a loss of nearly $9 billion last year.
The Charlotte-based bank beat analyst expectations and reported Wednesday morning that the results reflect higher mortgage banking income. It also said the "Project New BAC" would save the company a total of $8 billion by mid-2015.
The project, which has resulted in tens of thousands of layoffs, is an effort to streamline operations and restore investor confidence.