“Bank of America’s profit tumbled 52% in the second quarter after the bank set aside billions of dollars to prepare for soured loans” the Wall Street Journal reports.
“The Charlotte, N.C.-based bank said Thursday that it earned $3.53 billion, versus the $7.35 billion it made a year earlier. Per share, earnings of 37 cents were above the 28 cents that analysts polled by FactSet had forecast.”
“Profits were hit by an increase in the bank’s provision for loan losses, reflecting concern across the banking industry that the recession resulting from the coronavirus pandemic will be worse than initially thought.”