This morning, Bank of America (BAC) reported second quarter earnings rose to $3.6 billion, or 32 cents per share, topping Wall Street estimates. Earnings were helped by reduced costs in the quarter as CEO Brian Moynihan was able to lower expenses by 6% year-over-year. As part of the cost-cutting efforts, the bank has slimmed down its workforce by 7% in the past twelve months and closed 260 branches, mostly in rural areas. The bank saw revenue climb to $22.9 billion, above estimates and has moved investors to push the stock higher in early trading.
Bank of America (BAC) is up +21.79% year-to-date.