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Bank of America Losses on Bond Portfolio Hit $109 Billion in First Quarter as Rates Rose

Andrew Bary
·4 min read
Bank of America Losses on Bond Portfolio Hit $109 Billion in First Quarter as Rates Rose

Bank of America adjusted earnings topped expectations in the first quarter, but one part of the company’s financial results worsened: the big paper losses on a key portion of its enormous bond portfolio. Bank of America shares, however, were down 2.3% to $35.03 in early trading Tuesday. The bank said that its unrealized losses on a $587 billion portfolio of bonds that are classified as held to maturity for accounting purposes widened by $11 billion to $109 billion on March 31 from $98 billion at year-end 2023.

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