Bank of America, JPMorgan quarterly profit shrink ...Iraq

Shafaq News / Bank of America (BAC.N) on Friday reported its quarterly profit shrank, hit by $3.7 billion in one-off charges that compounded the pain from earning less on interest payments and paying more to customers to hold their deposits. The bank's finance chief, however, expressed optimism about the U.S. economic outlook, citing resiliency among consumers. "We feel pretty good about the economy," Chief Financial Officer Alastair Borthwick said on a call with reporters. "The consumers still have plenty of firepower" in a strong labor market, he said. Shares of the second-largest U.S. lender were down 1.8% in early trading on Friday after it posted net income of $3.1 billion, or 35 cent

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