Bank of America Earnings PLUNGE 50%. Accounts are being liquidated.

Bank of America Earnings PLUNGE 50%. Accounts are being liquidated.

Of particular concern was Bank of America reporting a big surge in loan losses – called “charge-offs”. These charge-offs surged by over 70% YoY and are now higher than pre-pandemic levels. Especially for credit cards, where the charge-off rates spiked as cash-strapped borrowers struggle to pay their credit card bills.

Credit to : DW NEWS