Upbeat outlook: Bank of America chief executive Brian MoynihanBankof America posted a smaller-than-expected fall in profits as lending surged back above pre-pandemic levels for the first time. Chief executive Brian Moynihan said customers had spent at the highest level ever recorded for the first quarter. The number of deals rocketed in early 2021 as the global economy began to bounce back from Covid. In the first quarter of 2021, Bank of America’s profits were boosted by the release of £2billion it had set aside to cover pandemic-related loan losses that never materialised. But right now, the size of the economy is bigger than pre-pandemic levels.’

Source: Daily Mail April 19, 2022 18:58 UTC