Bank of America’s second-quarter profits has risen 70 percent due to cost-cutting, according to employees of the company. The bank earned $3.6 billion during the quarter this year, compared to the $2.1 billion last year. Shareholders were paid 32 cents per share.
Bank of America’s CEO Brian Moynihan has been shrinking the company since 2010 to make the bank easier to manage. The bank also lowered their expenses by 6 percent.
