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BofA logs $2B in net income for 1Q

Bank of America Corp. today said it had net income of $2 billion, or 17 cents per diluted share, for the first quarter of 2011, down from $3.2 billion, or 28 cents per diluted share, in the year-ago quarter.

The Charlotte-based company also reported today a net loss of $1.2 billion, or 16 cents per diluted share, in the fourth quarter of 2010.

For the first quarter, the company reported revenue of $27 billion, up from $22.6 billion in the fourth quarter of 2010 but down from $32.3 billion in the first quarter of 2010.

Also today, Bank of America announced the following appointments:

• Gary Lynch, 60, will serve as global chief of legal, compliance and regulatory relations in a newly created position. He will be based in New York.

• Chuck Noski, 58, will change from chief financial officer to vice chairman of Bank of America. He will be based in Los Angeles.

• Bruce Thompson, 46, will change from chief risk officer to tCFO, filling Noski’s former post by the end of the second quarter of this year. He is based in Charlotte.

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