Bank of America’s wealth management unit reported a modest increase in profits and a surge in advisor productivity, but the bank suffered a net loss for the quarter as litigation expenses related to the financial crisis rose to $6 billion.

"The cost of resolving more of our mortgage issues hurt our earnings this quarter,” said CEO Brian Moynihan in a statement. “But the earnings power of our business and customer strategy generated solid results and we continued to return excess capital to our shareholders."

Register or login for access to this item and much more

All Financial Planning content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access