About: http://data.cimple.eu/news-article/58ff14ecb43695ec01fd7f22a1d364ce5461878d124a87d3db621245

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About: http://data.cimple.eu/news-article/58ff14ecb43695ec01fd7f22a1d364ce5461878d124a87d3db621245 Goto Sponge NotDistinct Permalink

An Entity of Type : schema:NewsArticle, within Data Space : data.cimple.eu associated with source document(s)

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rdf:type	schema:NewsArticle
schema:articleBody	Bank of America reported a big drop in second-quarter profits Thursday due to large provisions set aside for potential loan defaults amid the downturn in the wake of the coronavirus. Results for BofA, the second biggest US bank by assets after JPMorgan Chase, followed a similar template as that of rivals from earlier in the week in which the effects of a likely hit from loan nonpayments from households and businesses were offset somewhat by strong performance in financial trading. Net income fell 54 percent to $3.3 billion as revenues dipped 3.3 percent to $22.3 billion. Profits were hit by $5.1 billion in credit losses, including $4.0 billion added to reserves for bad loans. Chief Executive Brian Moynihan described the stretch just after much of the US economy shut down due to the coronavirus as "the most tumultuous period since the Great Depression," according to a statement. "Strong capital markets results provided an important counterbalance to the COVID-19-related impacts on our Consumer business, and our industry-leading digital capabilities allowed us to support clients amid difficult working conditions," he said. Earnings in global markets jumped 81 percent to $1.9 billion. Shares fell 3.6 percent to $23.74 in pre-market trading. jmb/dw
schema:headline	Bank of America profits fall as it reserves for bad loans
schema:mentions	U.S. Bancorp JPMorgan Chase Great Depression Digital television Coronavirus Severe acute respiratory syndrome coronavirus 2 Brian Moynihan Data warehouse Net income
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-07-16 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	64 (xsd:integer)
http://data.cimple...tology#hasEmotion	anger

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