BofA profits fall as bank sets aside money for downturn

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BofA profits fall as bank sets aside money for downturn

NEW YORK – Bank of America’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 the winter.

The nation’s second-largest bank said it earned $7.08 billion last quarter, or 81 cents a share, compared to a profit of $7.69 billion, or 86 cents a share, in the same period a year earlier. The results were better than Wall Street forecasts, who were looking for BofA to earn 78 cents a share, according to FactSet.

JPMorgan, the nation’s largest bank, set aside roughly a $1 billion in its loan loss reserves last week, while Citigroup and Wells both roughly put $400 million into their reserves this quarter.

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