Bank of America profit hurt by losses on credit cards, office loans
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Bank of America's first-quarter profits shrank as the bank set aside more money to cover souring loans from consumers. The bank's net charge-offs rose to $1.5 billion from $807 million a year earlier, mainly from credit card losses. The bank's net interest income slid 3% to $14 billion. Bank of America CEO Brian Moynihan said the bank had cut the workforce by more than 4,700 employees. Investment banking fees jumped 35% to $1.6 billion. Revenue from the consumer unit sank 5% to $10 billion. Profit from the Merrill wealth management division rose about 10% to $1 billion.

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