Bank of America said it plans to invest its wealth management business and add more financial advisors in 2012.

The plan comes after Bank of America added 1,697 financial advisors in 2011. Even as the company sets out on a second round of cost-cutting as part of its Project New BAC, CEO Brian Moynihan told financial analysts late last week that the company considers wealth management one of its core businesses – and will increase efforts to build it up.

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