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Bank of America sees 12% Q1 profit dip

April 18, 2022

Bank of America set aside just $30 million to counter potential credit losses, CNBC reported — far less than the likes of Citi or JPMorgan, which hold greater exposure to Russia.

“[Russia] has never been a big part of our business … we’re helping clients unwind contracts there,” Bank of America CFO Alastair Borthwick said Monday, according to The Wall Street Journal. The bank’s total Russia exposure encompasses roughly $700 million, the outlet reported.

Meanwhile, the bank released $362 million in loan-loss reserves it amassed as the COVID-19 pandemic ramped up.

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