Bank of America (NYSE: BAC) reported a 45% dip in earnings for the first quarter of 2020 due to the inclusion of higher provision expense for COVID-19 related reserve build. During the quarter, the company suspended its buyback program to provide additional support to the economy.
The increase in loan loss reserves and the impact of lower interest rates hurt income in Consumer Banking while higher provision expense impacted income in Global Wealth and Investment Management as well as in Global Banking. The higher sales and trading revenue drove income in the Global Markets higher.