Bank of Americas wealth management unit reported a modest increase in profits and a surge in advisor productivity, but the bank suffered a net loss for the quarter as litigation expenses related to the financial crisis rose to $6 billion.
"The cost of resolving more of our mortgage issues hurt our earnings this quarter, said CEO Brian Moynihan in a statement. But the earnings power of our business and customer strategy generated solid results and we continued to return excess capital to our shareholders."
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