Brian Moynihan’s Law Firms Had A Great Second Quarter

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Brian Moynihan himself less so.

Bank of America Corp said second-quarter profit fell 43 percent, a bigger decline than analysts had expected, after the bank posted $4 billion of litigation expenses linked to mortgage disputes following the financial crisis….

After the settlement with AIG and others, "we feel like we have gotten a large chunk of this behind us," said Bank of America Chief Financial Officer Bruce Thompson on a conference call with reporters.

But that’s not going to bring BriMoy down:

“The economy continues to strengthen, and our customers and clients are doing more business with us,” Mr. Moynihan said in a statement. “Among other positive indicators, consumers are spending more, brokerage assets are up by double digits and our corporate clients are increasingly turning to us to help finance business expansion and merger activity.”

Litigation costs hit Bank of America’s quarterly profit [Reuters]
Bank of America’s Earnings Decline 43% on Legal Costs [DealBook]
BofA Offers $13 Billion to Settle U.S. Mortgage Probe [WSJ]

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