Bank of America reports loss in first quarter, issues recession warning over coronavirus


Reuters Bank of America reported a 48.5% drop in first-quarter net income on Wednesday, warning that it anticipated a recession because of the novel coronavirus and setting aside an additional $3.6 billion to cover potential losses. The second-largest US bank by assets, a bellwether of the economy, said it analysed a number of recessionary scenarios in arriving at the view that economic output would drop significantly in the second quarter.