Bank of America earns $6.2B on accounting gains

Bank of America earned $6.2 billion in the third quarter on accounting gains and the sale of a stake in a Chinese bank, which offset lower revenue and income in its credit card, real estate and investment banking businesses.
Bank of America is also no longer the largest bank in the nation by assets, which fell to $2.21 trillion in the quarter. The Charlotte, N.C. bank ceded the bragging rights to rival JPMorgan Chase & Co., which reported total assets of $2.28 trillion.
The slimming down reflects Bank of America’s strategy of cutting costs and selling off businesses that don’t fit into its simpler banking model.

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