The New York–based company reported second-quarter profit of $1.21 billion on Friday
Bank of America revising its balance sheet to withstand recessionary effects into 2022
The investment bank's trading desks benefited from market volatility
Stock markets were unsettled early Wednesday as earnings came in from JPMorgan, Wells Fargo and Citigroup
Analysts expect earnings reports to be uniformly dismal
The big banks' profits in Q2 were battered by the downturn
Profits plunged ahead of the pandemic
The fourth quarter was "solid" despite market turmoil, the CEO says
ATB Financial also reported lower net income for the 2019-20 fiscal year due to provisions for loan losses
The bank's Q2 profit dropped nearly 80% from a year ago, leading to a dividend cut