REUTERS: Bank of America Corp executives on Wednesday joined the chorus of U.S. bank officials predicting an economic recovery would improve business in the quarters ahead, after lower interest rates fueled a miss on third-quarter revenue.
Bank of America set side US$1.4 billion to meet future losses in its commercial loan portfolio in the quarter, far less than the US$5.1 billion it provided for during the June quarter. Profit fell but beat estimates. The bank is especially vulnerable to rate movements because of the composition of its balance sheet, weighing on overall revenue that missed estimates.
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