The US financial institution has reported a 48.5% fall in first quarter net income providing a gloomy outlook as it sets aside an additional US$3.6 billion to cover potential losses resulting from the damage caused by the Covid-19 pandemic.

Bank of America reported a net income of US$4 billion for the first quarter of 2020, a US$3.3 billion plummet from its US$7.3 billion figure from the same quarter the previous year. The bank is one of the many firms that have been displaced amid the outbreak of Covid-19, resulting in financial turmoil across the globe. The US bank remains a top three provider in the distributor ranking in the US retail structured products market with 185 products marketed year-to-date worth US$4.1 billion. In

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