To view our videos, you need to
enable JavaScript. Learn how.
install Adobe Flash 9 or above. Install now.

Then come back here and refresh the page.

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.