Bank of America profits fall as it joins other banks in setting aside money for downturn

Associated Press

10/17/2022

BANK OF AMERICA posted an 8% decline in third-quarter profits as the bank set aside cash to cover potential loan losses./ TONY DEJAK / ASSOCIATED PRESS FILE PHOTO

NEW YORK (AP) – Bank of America Corp.'s profits fell by 8% in the third quarter as the bank set aside cash to cover potential loan losses. It's the latest bank to start socking away money for a potential recession, as Wall Street's biggest banks have become increasingly gloomy on the U.S. economy going into…

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