Bank of America Slips To Second Place

Posted October 18th, 2011 at 9:30 am (UTC-5)
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The Bank of America fell to second place among U.S. banks Tuesday as rival JPMorgan Chase accumulated more assets.

Bank of America posted a third-quarter profit of $5.9 billion, which was a major improvement over a multi-billion dollar loss for the same period a year earlier.

The privately-owned Bank of America’s gains were due in part to the sale of assets.

Also Tuesday, investment bank Goldman Sachs reported a third quarter loss of $393 million as revenue from its investments fell while markets were in turmoil.

Goldman posted a profit in the same quarter a year ago.

The firm has been cutting expenses and has laid off more than 1,000 employees. That leaves the company with a workforce of around 34,000 people.