Bank of America is bearing the cost of decisions made three years ago to pump the majority of $670bn in pandemic-era deposit inflows into debt markets at a time when bonds traded at historically high prices and low yields.
The moves left BofA, the second-largest US bank by assets, with more than $100bn in paper losses at the end of the first quarter, according to data from the Federal Deposit Insurance Corporation. The sum far exceeds unrealised bond market losses reported by its largest peers.
The differing results reflect strategies undertaken early in the Covid-19 pandemic, when banks absorbed a flood of deposits from savers. BofA put more money into bonds, while others parked a greater share in cash.
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