Bank of America Shares Jump As Effective Cost Management Helps Profits Reach Four-Year High

The diversified banking giant reported a year-on-year increase in total revenues after five consecutive declines, primarily due to a $669 million accounting gain from the revaluation of its debt securities. But investors overlooked this factor ? choosing to focus on the fact that non-interest expenses for this quarter were the lowest the bank has reported since Q4 2008. Expenses of just $13.8 billion in Q2 allowed Bank of America to notch earnings just shy of $5 billion (the highest since Q3 201...