Bank of America posted $2.2 billion in losses last quarter because consumers are still having trouble repaying their credit card loans and home mortgages. According to the Associated Press, the bank also added $2.1 billion to its reserves to cover bad loans, bringing its provision for credit losses to $11.7 billion. The bank’s total reserve for loan and lease losses now totals $35.83 billion. Citigroup also reported large losses last week, providing strong evidence that Americans are still struggling to repay their debts.
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