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Bank of America shares down after Q2 report

Rochester Business Journal
July 17, 2014

Shares of Bank of America Corp. were 2 percent lower Thursday during mid-afternoon trading after the bank reported a 43 percent slide in quarterly net income attributable to common shareholders.

The bank on Wednesday reported net income of just more than $2 billion, or 19 cents a diluted share, down from nearly $3.6 billion, or 32 cents a diluted share, in the second quarter 2013.

“The economy continues to strengthen, and our customers and clients are doing more business with us,” CEO Brian Moynihan said in a statement.

“Among other positive indicators, consumers are spending more, brokerage assets are up by double digits and our corporate clients are increasingly turning to us to help finance business expansion and merger activity.”

Bank of America N.A. ranks eighth in the Rochester market with local deposits of $721.5 million, data from the Federal Deposit Insurance Corp. shows.

(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


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