Results for the most recent quarter were positively affected by lower credit costs, gains from equity investments, and higher asset management fees and investment banking fees.
These factors were partially offset by higher legacy mortgage-related costs, higher litigation expenses, and lower sales and trading revenue from the record levels reported in the first quarter of 2010, said the bank.
Revenue, net of interest expense, on a fully taxable-equivalent (FTE) basis was $27.09bn, down 16% compared to $32.29bn a year ago.
In the quarter, net interest income FTE basis were down 12% at $12.40bn, and non interest income fell 19% to $14.70bn due mainly to lower trading account profits and a decline in mortgage banking income.
Separately, the company announced the appointment of Bruce Thompson as its new CFO, who will succeed Chuck Noski by the end of the second quarter of 2011.
Thompson, currently the chief risk officer, will continue in that role until a successor is named. Noski would become the vice chairman of the company.
