Bank of America profits hurt by lower interest rates
The bank is especially vulnerable to rate movements and expects the downward trend for its profits to continue in 2020
15 January 2020 - 19:28
Bengaluru — Bank of America (BOA) got stung by lower interest rates in the fourth quarter, sending its profit down 4%, a trend that management expects to continue this year.
The North Carolina-based lender is especially vulnerable to rate movements because of the composition of its balance sheet. As the US Federal Reserve cut rates three times in 2019, analysts predicted BOA’s earnings would suffer...
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