JPMorgan Chase & Co.
Bank of America returns to profits as legal costs subside

Bank of America returned to profitability in the first quarter as the bank was able to move beyond its legal troubles last year. However, the results came in short of some analysts' estimates. The consumer banking giant said Wednesday that it earned $2.98 billion after payments to preferred shareholders, compared with a loss of $514 million a year earlier. BofA's net revenue fell to $21.2 billion compared with $22.56 billion in the same period a year earlier. On a per-share basis the bank earned 27 cents, compared with a loss of 5 cents a year earlier. The Charlotte, N.C.-based bank's legal expenses, which stemmed largely from the housing bubble and financial crisis,...