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BofA Sets Aside Billions for Soured Loans; Shares Decline (3)

July 16, 2020, 4:37 PM

Bank of America Corp.’s profit slid 52% as it joined rivals in preparing for an onslaught of consumer defaults spurred by the pandemic’s economic fallout.

Profit at the consumer-banking unit plunged 98% as the coronavirus shuttered much of the U.S. economy and caused tens of millions of Americans to lose their jobs. The company allocated $5.1 billion for loan losses in the second quarter, the most since 2010, as Bank of America joined its biggest rivals in predicting pain to come that contrasts with stock market optimism for a quick economic rebound.

Calling it “the most tumultuous period since...

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