Despite growing to about $1.1 trillion in AUM, senior executives made a series of bets to keep pace in a changing industry that have yet to pay off.

CEO Sergio Ermitto said "buybacks have been demonized way too much."

The chief executive outlined a future where offices need not be fully staffed.

The company allocated $5.1 billion for loan losses in the second quarter, the most since 2010.

Wealth management profits fell, but a steep rise in transactional business offset some of the decline.

Fixed-income trading revenue almost tripled, driving a 73% jump in total trading that surged past expectations.

The bank has been in turmoil relative to peers for years. The economic fallout from the coronavirus pandemic only made matters worse.

It’s the second consecutive quarter that trading set a record, as the bank’s Wall Street unit is helping prop up the consumer-lending division.

“Overall there were not many positive data points to hang your hat on,” according to analysts. Advisor headcount, net interest income and assets were down.

The firm set aside a record $9.5 billion for credit losses, about $4 billion more than analysts had expected, as it braces for a wave of coronavirus-related defaults.