BofA put $378 million into its loan-loss reserves this quarter — a similar level to Citigroup and Wells Fargo. These reserves are designed to cushion banks against potential bad loans when economies turn downward.
The Bank of America logo is seen on a branch office, Oct. 14, 2022, in Boston. Bank of Americas profits fell by 8% in the third quarter as the bank set aside cash to cover potential loan losses. Its the latest bank to start socking away money for a potential recession, as Wall Streets biggest banks have become increasingly gloomy on the U.S. economy going into the winter. – Bank of America's profits fell by 8% in the third quarter as the bank set aside cash to cover potential loan losses.
JPMorgan, the nation's largest bank, set aside roughly a $1 billion in its loan loss reserves last week, while Citigroup and Wells both roughly put $400 million into their reserves this quarter.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Brazil to nominate ex-central bank governor Goldfajn to run the Inter-American Development BankBrazil plans to nominate former central bank governor Ilan Goldfajn to head the Inter-American Development Bank (IDB), a person familiar with the matter said on Sunday, as Latin America's largest economy seeks to secure its first presidency of the institution.
Weiterlesen »
France approves its third-biggest bank to operate digital asset servicesFrench banking giant Société Générale has been approved to operate digital asset services through its subsidiary Forge.
Weiterlesen »
BofA profits fall as bank sets aside money for downturnBank of America’s profits fell by 8% in the third quarter as the bank set aside cash to cover potential loan losses.
Weiterlesen »
BofA profits fall as bank sets aside money for downturnNEW YORK (AP) — Bank of America's profits fell by 8% in the third quarter as the bank set aside cash to cover potential loan losses. It's the latest bank to start socking away money for a potential recession, as Wall Street's biggest banks have become increasingly gloomy on the U.S.
Weiterlesen »
Israeli military kills another Palestinian in occupied West BankAnother Palestinian shot dead by the Israeli military in what’s turning out to be one of the deadliest years for Palestinian civilians in the occupied West Bank
Weiterlesen »