Bank of America said its profits rose 28% last quarter from a year earlier, but the bank faced the same wage inflation as its Wall Street …
Bank of America said its profits rose 28% last quarter from a year earlier, but the bank faced the same wage inflation as its Wall Street counterparts. The bank said Wednesday that it earned a profit of $7.01 billion, or 82 cents per share, in the fourth quarter. That’s up from a profit of $5.47 billion, or 59 cents a share, in the same period a year earlier. Analysts surveyed by FactSet were expecting the bank to post a profit of 77 cents a share. The bank, based in Charlotte, North Carolina, saw most of its businesses grow profits in the quarter. But much of the growth was in BofA’s investment banking division, which saw profits climb to $2.
