Bank of America posts 45% decline in first-quarter profit, braces for big loan losses [MSNBC.com]
Wells Fargo & Company (WFC)
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Source: MSNBC.com
Bank of AmericaThe bankpostedThe pandemic caused sharp drops in profits at three of Bank of America's four main divisions. The lender's giant consumer banking business saw profit decline 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, a gain of about 33% to $1.48 billion, driven by greater volatility in markets and stronger client activity.Loan losses will climb this year, and might continue into 2021, CFO Paul Donofrio said Wednesday during a conference call with analysts.Lower interest rates after the Federal Reserve slashed rates last month will weigh on the bank's net interest income, one of the main drivers of a lender's revenue, Donofrio also said. The bank posted $12.3 billion in net interest income in the first quarter, but t
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