Bank of America Q2 results: Profit more than halves as threat of bad loans looms

Bank of America Corp saw its profit more than halve in the second quarter as it set aside $5 billion against future loan losses in what its top boss called the "most tumultuous period since the Great Depression".

The falls in revenue and profits were broadly similar to those for other major U.S. banks this week that have suffered from a combination of the need to brace for a deep recession, while profiting from the surge in financial market volatility and trading since February.

Shares in Bank of America, however, fell around 3.3% in response to the results, which showed it setting aside a much lower dollar amount for reserves this quarter than some of its peers earlier in the week.
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