Bank of America posts 45% decline in first quarter profit, braces for big loan losses [CNBC]
Wells Fargo & Company (WFC)
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Source: CNBC
Bank of AmericaThe bankpostedThe pandemic caused sharp drops in profit at three of Bank of America's four main divisions. The lender's giant consumer banking business saw profit lower by 45% to $1.79 billion on higher loan loss reserves and lower interest income. management profit fell 17% to $866 million and global banking profit was nearly wiped out as the company built larger reserves for commercial loan losses.Only the bank's trading division managed to post an increase in profit of about 33% to $1.48 billion, driven by greater volatility in markets and stronger client activity."Our results reflect the strength of our balance sheet, the diversity of our earnings, and the resilience of our teammates to serve clients around the world," CEO Brian Moynihan said in the release. "Despite increasing our loan loss reserves, we earned $4 billion this quarter."On Tuesday, JPMorgan Chase and Wells Fargo both postedsharp drops in first-quarter profitThat was also the case at Bank of America,
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