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Bank of America swings back into profit in Q3 as cost-cutting pays off

Whatever does cause the next global recession, it likely won't be China.

New York

BANK of America Corp, the second biggest US lender, posted third-quarter profit of US$4.51 billion as litigation expenses tumbled and revenue exceeded some analysts' estimates.

Net income was 37 US cents a share, compared with a loss of US$232 million, or four US cents a