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Bank of America's Credit Losses Surge Post-Pandemic

Bank of America's Credit Losses Surge Post-Pandemic

Bank of America has experienced a significant increase in credit card losses, reaching their highest level since before the pandemic, with net charge-offs rising by over 80% to $1.5 billion in the first quarter. The bank has responded by allocating $1.3 billion for potential credit losses, acknowledging the challenges in the consumer sector and commercial real estate, particularly office loans. Despite a decrease in net income to $6.8 billion, due to the credit-loss provision and a special FDIC assessment, Bank of America's CFO Alastair Borthwick remains optimistic, citing a well-managed credit risk within their expected range and a strategy of thorough loan analysis. The bank's credit performance is described as resilient, even as they prepare for the potential of sustained or increased credit card losses in the upcoming quarters.

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