Brian Moynihan Just Said the Worst Is Over for Bank of America
Last week, Warren Buffett's favorite bank, Bank of America (NYSE: BAC), reported its third-quarter earnings. Even in trying times, the results revealed why the notoriously risk-averse Buffett loves it so much.
Despite the pandemic, Bank of America has actually been profitable every quarter this year in spite of large loan reserves, handily covering its dividend. Furthermore, CEO Brian Moynihan gave investors even more reason for optimism, declaring that the bank is likely past the worst effects of the pandemic in not one but several respects.
Bank of America should only improve from here. Image source: Getty Images.
Source Fool.com
