Bank of America Reports 25% Profit Drop

Because of lower-mortgage banking activity and credit-related gains, Bank of America has experienced a 25% drop in profits last Friday. Revenue, however, still turned out to be larger than expected despite the drop. The article says it is a significant improvement for the Bank of America considering in 2008-2009, it was one of the largest recipients of government support, and barely made it to pay off the taxpayers in recent months.