Bank of America profit of $2.7bn, down 13% YoY, after trading revenue and interest income fell. Also, total provisions rose 30% to $997m in the quarter, largely due to potential losses on energy loans. CEO Brian Moynihan hinted at further cost cutting at the bank.
Bank of America - 1Q16 profit of $2.7bn, down 13% YoY, after trading revenue and interest income fell. Also, total provisions rose 30% to $997m in the quarter, largely due to potential losses on energy loans. CEO Brian Moynihan hinted at further cost cutting at the bank.