Bank of America has set aside $400m (£253m) due to rising litigation costs associated with an investigation into foreign currency manipulation at the bank.
That more than tripled the size of its previously-reported third-quarter loss to $232m from $70m, the BBC reports. The bank has been engaged in "advanced discussions with certain US banking regulatory agencies to resolve matters", it said in a statement. Last week, Citigroup was also forced to restate its results. And both Deutsche Bank and JP Morgan have said in separate earnings releases that they have set aside over $1bn each to deal with the same investigation. On Monday, JP Morgan further specified that the investigation, being led by the US Department of Justice, could cos...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
