BofA Profit Vanishes on $400 Million of Legal Costs
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Bank of America Corp. cut third-quarter earnings by $400 million, wiping out the surprise profit it reported last month, as the firm braced for the end of probes into foreign-exchange dealings.
U.S. regulators faulted systems and controls for currency trading and called for fines and remedial actions in draft documents sent late last month, the firm said yesterday in a quarterly report. The lender posted a loss of $232 million, or 4 cents a share, for the three months ended Sept. 30.