Goldman Sachs and Bank of America halved profits

Bank of America

Bank of America suffered a slump in profits due to high provisions for bad loans.

(Photo: AP)

new York The profit of the US investment bank Goldman Sachs has halved in the Corona crisis due to impending credit defaults and increased costs. Earnings fell 49 percent to $ 1.12 billion in the first quarter, the institute said on Wednesday.

In contrast, earnings decreased only one percent to $ 8.74 billion. Provisions for bad loans quadrupled to $ 937 million at the end of March, from $ 224 million a year earlier.

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