news.cuna.org/articles/106820-news-of-the-competition

News of the Competition

July 17, 2015

NEW YORK (7/17/15)--Perhaps it’s no surprise that Bank of America posted engorged earnings in the second quarter--rising to $4.99 billion from $2.04 billion--given that the big bank has slashed thousands of jobs and closed a fifth of its branches in recent months as cost-saving measures (CNBC.com July 16). Other analysts believe that earnings surged in the quarter because the bank is finally free of litigation that dogged its coffers for years, as it grappled with lawsuits filed against it for its alleged role in contributing to the collapse of the housing market in 2008 for dealing faulty mortgage-backed securities. Of all the banks accused of such practices, Bank of America has paid the most in settlement dollars to various government agencies and in restitution to wronged homeowners--to the tune of more than $70 billion. In any case, the bank’s CEO Brian Moynihan relayed to his shareholders that the quarter brought “our strongest earnings in several years” (Charlotte Observer July 15)…