Fascinating. Bank of America provided a comparison of its credit quality between now and 2009, in the wake of the financial crisis. (I don't remember the last time they did this)
They've significantly cut down on exposure to clients with FICO scores below 660 in the past 15-16 years.
They've significantly cut down on exposure to clients with FICO scores below 660 in the past 15-16 years.
Bank of America's provisions for loan losses were flat since the prior quarter, meaning they're not feeling like they need to hoard a bunch of funds to weather tough times (like you saw during Covid). But with so many clients with FICO scores above 775, you can understand why.
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