image credit: Mike Mozart / Flickr

Bank of America shares drop as the firm sets aside another $4 billion for coronavirus-related loan losses

July 16, 2020


Bank of America on Thursday posted second-quarter earnings that were bolstered by stronger-than-expected bond trading and investment banking revenue.

The bank said it generated earnings of $3.5 billion, or 37 cents a share, exceeding the 27 cents a share expected by analysts surveyed by Refinitiv. However, revenue of $22.5 billion barely edged out analysts’ estimate of $22 billion. Shares of the Charlotte, North Carolina-based bank dipped 3% in premarket trading.

Read More on CNBC