(Bloomberg) — Bank of America Corp. followed two big rivals in setting aside billions of dollars for loans likely to sour amid an almost total U.S. economic shutdown.Profit plunged 45% as the company allocated $4.76 billion for loan losses, the most since 2010, as businesses and households reel from the coronavirus pandemic. The bank joins competitors JPMorgan Chase & Co. and Wells Fargo & Co., which posted their highest provisions in a decade Tuesday. Citigroup Inc. made a similar move Wednesday.Banks are trying to get ahead of loan losses they expect to come from the pandemic bringing large swaths of …read more
Source:: Yahoo Finance
