Bank of America beats forecasts but profit falls short
Revenue in its core consumer bank fell 17% in the third quarter, mainly due to lower interest income and reduced credit card activity
14 October 2020 - 17:52
New York — Bank of America (BofA) executives on Wednesday joined other US bank officials predicting an economic recovery would improve business in the quarters ahead, after lower interest rates fuelled a miss on third-quarter revenue.
The Charlotte, North Carolina-based lender set aside lower provisions for potential loan losses, mirroring other Main Street peers such as Goldman Sachs, JPMorgan and Citigroup that also lowered reserves...
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