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Declines in Citi, Goldman Sachs and Bank of America after earning less from the outbreak


Banking in the US continues to suffer from the coronavirus. First quarter results continue to come in after JP Morgan open the ban this Tuesday. Today it is the turn of Citi, Goldman Sachs and Bank of America. The first has yielded more than 5.5%. The bank has entered more than expected (8,740 million dollars against the estimated 7,900 million) but has earned 45% less (1,210 million dollars against 2,250 million).

"Our quarterly profitability has inevitably been affected by this economy," he acknowledges. David Solomon, president and CEO of the entity. "But we are convinced that we will emerge well positioned to continue helping our clients," he added.

In the case of the second, Bank of America (-6.3%) reduced its profit by 45% year-on-year during the first quarter of 2020.

The financial entity earned 4,001 million dollars, compared to 7,310 million a year ago, since it has had to reserve an additional 3,600 million to cover the defaults it will suffer during the coronavirus crisis.

Regarding income, the second largest bank in the United States, managed to bill 22,770 million, 1% less than the 23,000 million the previous year. Of course, the figure is slightly higher than the 22,710 million that analysts predicted.

Finally, Citi It has also earned 46% less in the quarter due to the pandemic due to the strong provisions it has been forced to make. Specifically, it has set aside 7,030 million dollars with respect to the provisions of 1,980 million dollars that it made in the same period of the previous year.

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