Bank of America has produced its highest quarterly pre-tax profits since the financial crisis, spurring hopes that the banking industry can improve returns without waiting for an end to the era of easy money.
A boost from Wall Street trading and efforts to curb costs helped offset pressures caused by low interest rates, the second-biggest US bank by assets disclosed yesterday.
The bank echoed rivals JPMorgan Chase and Citigroup with a resurgence in bond trading. Revenues there surged a third, helped by a flood of orders as clients sought to reposition following the UK’s vote for Brexit and the fast-changing outlook for monetary policy.
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