Brian Moynihan says Bank of America expects 'mild recession' and is preparing for worse
Publishing timestamp: 2023-01-13 15:13:58
Summary
Bank of America CEO Brian Moynihan said the bank is preparing for a potential recession in 2023, including a scenario where unemployment rises rapidly. JPMorgan Chase's economic outlook also calls for a mild recession. Bank of America beat estimates on top and bottom lines for its fourth quarter, but its $1.1 billion provision for credit losses was a sharp reversal from the negative number in that metric year ago. Shares of Bank of America were up 2.2% on Friday.
Sentiment: NEUTRAL
Keywords: banks, jpmorgan chase & co, earnings, wall street, business news, markets, economy, bank of america corp,