BofA cut $89 billion of AFS securities in H1

Pivot away from fair-value bond investments most sweeping among large US banks

Bank of America slashed $88.8 billion of securities held in its available-for-sale (AFS) portfolio in the first six months of the year, leading a push by top US lenders to shield their capital from further mark-to-market losses as yields continue to climb.

Holdings of AFS securities, measured at fair value, stood at $132 billion at end-June, down from $162.4 billion at end-March and $220.8 billion at end-2022. Virtually all of this was due to cuts to the US Treasuries portion of the book

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