Monday, September 8, 2025

Latest

Continued Pandemic Uncertainty Causes Bank of America to Defer $7.7 Billion in Commercial Loans

In response to a struggling economy amid the coronavirus pandemic, the Bank of America has decided to defer a total of $7.7 billion in loans for its commercial clients.

As of July 23, nearly 2% of the bank’s commercial clients have had their loans modified in some way, such as payment deferrals for durations up to 90 days or waivers on loan covenants. In the meantime, Bank of America’s consumer and small-business division had to defer a total of $28.5 billion in loans, with over of 1.4 million consumers requesting a delay on their credit card payments. Of those that were granted deferrals, approximately 61% have so far made some form of payment, while another 33% have been making timely payments each month.

The Bank of America anticipates the current economic uncertainty to continue for the time being, as coronavirus cases continue to mount and initial job claims fail to show signs of a significant improvement. As a result, the negative macroeconomic environment will most likely contribute to a deterioration of the bank’s businesses.

Information for this briefing was found via Bloomberg. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Avino Q2 Earnings: Steady As She Goes

MEG Energy: Cenovus Comes In With $7.9 BILLION Offer

Orla Mining Q2 Earnings: Musselwhite Changes Everything

Recommended

Goliath Resources Hits 18.58 g/t Gold Over 5.00 Metres At Surebet

ESGold Outlines $24.3 Million NPV For Tailings Reprocessing Project

Related News

1 in 3 Americans Have Experienced Financial Disruptions Amid Pandemic

Gallup recently released the results of data gathered between April 13 and 19 regarding the...

Wednesday, April 29, 2020, 04:28:00 PM

Datametrex AI Secures FDA Authorizations For Two COVID-19 Test Kits

Datametrex AI (TSXV: DM) has expanded its target market for COVID-19 test kits. The company...

Tuesday, June 9, 2020, 08:42:29 AM

Rebound in Oil Demand Remains at Risk of Coronavirus Resurgence

As the global demand for oil dried up significantly during the height of the pandemic,...

Sunday, July 12, 2020, 07:17:00 PM

Goldman Expecting Global Oil Storage to Reach Capacity in Coming Weeks

As previously reported, it is anticipated that US oil storage will reach maximum capacity by...

Sunday, April 26, 2020, 12:00:00 PM

Goldman Sachs Forecats Q2 GDP Crashing 34% in US w/ 15% Unemployment

This morning Goldman Sachs released a new forecast for Q3 US GDP and showing a...

Tuesday, March 31, 2020, 10:16:07 AM