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BofA Cost Cuts Exceed Estimates as Moynihan Sees Room for More

  • `There's a lot more to do,' CEO tells analysts on call
  • Expenses dropped 6.4% in first quarter as revenue fell 6.7%
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Bank of America Profit Tumbles 13% as Trading Slumps

Bank of America Corp. sees more room for cost cuts after bigger-than expected reductions in the first quarter helped blunt declines in profit and revenue, sending the stock higher for a fifth straight day.

“There’s a lot more to do,” Chief Executive Officer Brian Moynihan said Thursday on a conference call with analysts.