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(Image from article: "Bank of America Continues to Improve")

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Bank of America profits jump after cost cutting

Bank of America has reported a sharp rise in profits after it shed costs and set aside less money for bad loans. The bank reported first quarter net income of $2.3bn (£1.5bn), after making $328m in the same quarter a year ago.

Bank of America Continues to Improve

The bank, which is often considered a bellwether, said that it had clawed back to profitability in the first quarter, after two consecutive periods of losses.

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