NEW YORK (AP) — Bank of America is back to basics — slimmed down, stripped of its swagger and no longer the biggest bank in the country. And investors, after pummeling the company for two years, finally like what they see.
The stock jumped 2.4 percent Thursday after Bank of America reported that it made $2 billion from October through December, reversing a $1.2 billion loss from a year earlier. The stock is up 25 percent this year.
Almost none of the profit came from improvements in Bank of America’s basic businesses. In