Bank of America (BAC) reported strong earnings on Wednesday that beat estimates. Lower legal costs boosted profits as litigation expenses fell to $175 million for the quarter. CEO Brian Moynihan has worked hard to get the bank back into shape post financial crisis. He has cut the number of bank branches by 5 percent in the last year. The bank reported earnings of $0.45 per share, way up from last year’s $0.19 per share. Revenue also beat estimates at $22.1 billion. Following its cost cutting scheme Bank of America now faces the difficult task of growing revenue while interest rates remain low. Shares of BAC are down around 4 percent since January but were up on the earnings news.
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