Category: Trucking News

Bank of America profit rises as consumer bank hits profit ‘milestone’

Chief Executive Officer Brian Moynihan spoke glowingly of a broad turnaround in the consumer business that began in 2009, calling its $2 billion in quarterly profit a "milestone" on a call with analysts on Tuesday. The business recently has been benefiting from the cost cuts as well as improved technology, growth in deposits and a focus on higher-quality borrowers, Moynihan said. In the second quarter, the division managed to increase deposits at a lower cost and use those cheaper funds to fuel loan growth, helping it to record a higher profit than any other unit.


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