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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.

Citigroup first-quarter profit rises 31 percent

Citigroup Inc reported a higher-than-expected 31 percent rise in first-quarter profit on Monday as it drew down loss reserves for mortgage loans, and revenue from its securities and investment banking business swelled.

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