Total revenue rose less than 1% to $21.8 billion, but expenses declined 2.5% to $13.1 billion. That computed to the highest profit at Bank of America in six years.
The Seattle company, which has cut about 130 positions in the business in recent months, pointed to lower originations tied to a shortage of new and resale housing.
The Dallas company has extinguished talk of a potential sale after aggressively cutting costs over the past year. But concerns about its future — including its ability to find new sources of revenue — remain.
Chemical Financial's decision to shutter nearly 40 branches and cut more than 200 jobs is due to improved technology and an effort to become more efficient after years of pursuing acquisitions.
The Michigan company said the branch closures will save it $20 million a year. It also plans to devote fewer resources to indirect auto, where returns have trailed other lending categories.
