Bank of America Corp., the second-biggest U.S. lender, posted quarterly profit that more than quadrupled and beat Wall Street estimates as the company quelled claims tied to defective mortgages. The stock rose 3.6% to its highest level in more than three years.
JPMorgan Chase & Co.’s quarterly profit fell 7.3 percent on $2.6 billion of settlements tied to Bernard Madoff’s Ponzi scheme as rising legal costs ended the firm’s three-year streak of record annual earnings.
Bank of America Corp. reported first-quarter profit that missed analysts’ estimates as lower mortgage banking income and higher legal costs slowed the firm’s turnaround. The shares dropped 3% in early trading.
Bank of America Corp., shaking off some of the drag caused by faulty mortgages, swung to a second- quarter profit as real estate-unit losses narrowed and the company set aside less money for bad loans.