Wall Street

Bank of America profit beats as consumer unit cushions hit from deals drying up

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Reuters

(Reuters) -Bank of America Corp beat analysts’ estimates for second-quarter profit on Monday, with healthy consumer spending and strong demand for loans limiting the hit to its investment banking business. BofA executives also painted a sunny outlook for consumer spending going forward, allaying fears that decades-high inflation is taking a toll on consumer spending. “We observed from our data spending remains excellent, deposit balances remain high, capacity to borrow is still there, credit quality is still there,” Chief Financial Officer Alastair Borthwick said on a call. The U.S. Federal Re…

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