BofA posts profit as cost cuts offset weak revenue

Bank of America Corp reported a profit for the third quarter as Chief Executive Brian Moynihan's cost-cutting efforts helped the bank offset the impact of weak revenue in three of its four main businesses. BofA has been slashing billions of dollars in costs in its commercial lending, investment banking and wealth management businesses as overnight fund rates remain near zero and worries about China's economy and uncertainty over the timing of a U.S. rate hike keep traders from making big bets. C