Bank of America Merrill Lynch’s global wealth and investment management unit posted a first-quarter profit of $547 million, more than doubling the $259 million it earned in the fourth quarter, and the second-highest quarterly profit since the Merrill acquisition in 2008.
Company officials credited higher revenue, up 4.6% sequentially to $4.36 billion, lower credit costs and lower expenses for the impressive improvement compared to the fourth quarter.
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