Bank of America’s earnings soar 70 percent

NEW YORK • Bank of America says its second-quarter profits soared, helped by higher earnings from investment banking and cost-cutting. The results, reported early Wednesday, beat analysts’ expectations. The bank earned $3.6 billion in the quarter after payments to preferred shareholders. That was up 70 percent from $2.1 billion a year ago. Per share, that worked out to 32 cents. Analysts polled by FactSet had expected 25 cents per share. The bank’s stock rose 1.7 percent in late morning trading....

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