Profit at both Bank of America and Citigroup jumped for the first three months of this year, bouncing back from the lows of the early stages of the pandemic in 2020, as they reduced their loss cushions to reflect an improving economy.
Citigroup more than tripled its profit from a year ago, reporting earnings of $7.9 billion even as its sales fell 7 percent, to $19.3 billion.
Bank of America doubled its profit to $8.1 billion from $4 billion.
Citi released $3.9 billion of the reserve it had built up to absorb loan losses, whereas Bank of America’s provision for losses decreased $6.6 billion.
“This is the healthiest we have seen the consumer emerge from a crisis in recent history.” Similarly, Bank of America’s chief, Brian Moynihan, noted that “progress in the health crisis and the economy point to an accelerating recovery.”
Wells, It’s, ”, Jane Fraser, Brian Moynihan
Bank of America, Citigroup, JPMorgan Chase, Citi, Bank of, Bank of America’s