FX.co ★ Bank of America net profit slides by 37% in 2020

Bank of America, a giant of the bank industry, reported a significant drop in its net income. The indicator slumped by 37% on a yearly basis to $17.894 billion. This led to an EPS (earnings per share) of $1.87 compared to $2.75 in 2019.

CEO Brian Moynihan said that in 2020 the whole world witnessed a crisis in the healthcare sphere that affected the global economy and the company’s activity. “In the fourth quarter, we continued to see signs of a recovery, led by increased consumer spending, stabilizing loan demand by our commercial customers, and strong markets and investing activity,” Brian Moynihan said. Earlier, Bank of America announced its intention to repurchase $2.9 billion in shares in the first quarter. The plan has already been adopted. This program will last until March 31, 2021.

Importantly, Bank of America Corp., established in 1904, is a multi-filed financial institution. BofA is one of the Big Four banking institutions together with its main rivals such as Citigroup, JP Morgan Chase, and Wells Fargo.