Bank of America Q1 profit slumped 45%, as the company braces for big loan losses because of the coronavirus pandemic.
said Wednesday that first quarter profit slumped 45% as the company set aside $3.6 billion for loan loss reserves because of the coronavirus pandemic.profit of $4.01 billion, or 40 cents a share, compared with the 46 cent estimate of analysts surveyed by Refinitiv. Revenue of $22.8 billion essentially matched expectations, and trading results exceeded expectations by more than $500 million.
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.
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