Investment Banking

Bank of America sets aside a lower-than-expected $1.4bn for soured loans

The bank put aside $1.4bn for credit losses, around $500m less than analysts were expecting, and down from more than $5bn in the second quarter

Bank of America followed its Wall Street rivals in putting aside lower than expected provisions for bad loans as the pandemic batters the economy.

That led to the US lender posting better than expected profits, even as the bank's trading unit failed to match sharp gains enjoyed by its Wall Street peers so far.

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