Opinion on  Bank of America Corp (BAC)     Sector: Financial  >  Industry: Money Center Banks
U.S. Lenders Lean on Investment Banking for Profits

July 18 (Bloomberg) -- Bank of America Corp., JPMorgan Chase & Co. and Citigroup Inc., the three biggest U.S. lenders, reported a total of $10.2 billion in profits for the second quarter that relied on investment banking and asset sales to counter growing losses on consumer loans.

Bank of America , No. 1 in the U.S. in deposits and assets, reported net income of $3.22 billion, or 33 cents a share. Earnings at the unit that includes trading of bonds, equities and currencies more than quadrupled to $1.38 billion on improved credit markets.

Chief Executive Office Kenneth Lewis , 62, predicted the weak economy would persist into next year, and the Charlotte, North Carolina-based company said debts it no longer expects to be repaid jumped 25 percent to $8.7 billion. The credit-card unit’s $1.62 billion loss compared with a $582 million profit last year.