Bank of America earnings rise sharply

Brian Moynihan's giant bank posts a profit of $3.44 billion, higher than a year-earlier quarter that was marred by charges

Bank of America's fourth-quarter profit surged sharply, beating analyst estimates, as the banking giant bounced back from a year-ago weighed down by one-time charges, while also benefiting from stronger credit quality.

The bank logged large litigation expenses but benefited from a narrower loss in its consumer real estate division, which includes mortgage banking, even as mortgage originations slowed.

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