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Bank of America 1Q profit falls 45% due to virus pandemic
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NEW YORK – Bank of America reported Wednesday that its quarterly profits dropped by 45% from a year ago, the latest major bank to say it took a hard hit from the coronavirus pandemic.
Like JPMorgan Chase and Wells Fargo, Bank of America had to set aside billions of dollars to cover potentially bad loans. Many of these loans were fine only weeks ago, but the pandemic has caused companies to shutter and millions of Americans to be put out of work.
The amount of money BofA set aside for loan losses nearly quintupled from a year ago, from $1.01 billion to $4.76 billion. The losses came from the bank’s consumer lending division — BofA is a large credit card issuer and has a massive consumer banking business.
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