Bank of America's profits slipped by 35% as the bank battled the "dramatic effects" of the Covid-19 crisis.

The bank posted profits of $17.9bn for 2020, which was ahead of analyst expectations but still well down on the previous year as large lenders were forced to put billions aside to prepare for the fallout from the pandemic. Revenues of $85.5bn were down 6% of the previous year, as sharp gains in its investment bank helped offset declines in consumer banking.