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profit drops

Bank of America’s Q2 profit plunged over 50%

2 mins read

The FINANCIAL — Bank of America reported its second-quarter 2020 financial results today. “It is the most tumultuous period since the Great Depression for Bank of America”, says its CEO Brian Moynihan. The fall in revenue and profit was broadly in line with other Main Street peers that have suffered from the need to brace for a deep recession. Bank of America Corp.’s profit tumbled 52% in the second quarter after the bank set aside billions of dollars to prepare for soured loans. The Charlotte, N.C.-based bank said Thursday that it earned $3.53 billion, versus the $7.35 billion it made a year…

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Bank of America’s Q2 profit plunged over 50%

2 mins read

The FINANCIAL — Bank of America reported its second-quarter 2020 financial results today. “It is the most tumultuous period since the Great Depression for Bank of America”, says its CEO Brian Moynihan. The fall in revenue and profit was broadly in line with other Main Street peers that have suffered from the need to brace for a…