Bank of America Profit Falls 32%
The second-largest U.S. bank earned $6.2 billion, down from $9.2 billion a year earlier. Per-share earnings of 73 cents missed the 75 cents.
Revenue increased 6% from a year ago to $22.7 billion, slightly below analysts’ expectations.
Last week, JPMorgan Chase & Co., Citigroup Inc., Wells Fargo & Co. and Morgan Stanley all reported double-digit drops in profit.
Executives at the country’s largest banks said there is more uncertainty than usual about where the economy is headed.
Some bank executives believe a recession is on the horizon, and that the Federal Reserve’s attempts to curb inflation
With interest-rate increases could help spark the downturn.
Investors are watching bank earnings closely because they are viewed as a bellwether for the broader economy.