The second quarter of 2009 has been a difficult one for Bank of America , which has taken over Merrill Lynch last year. The bank has posted a 5.5% drop in net income due to increased provisioning for bad assets.
The chief of the bank Lewis has in fact predicted tougher time to last till 2010, in view of increasing unemployment in the country, which is likely to touch 10% in the next few months.
BoA posts 6% drop in Q2 profits