Bank of America has slashed its reported profit by $400m to cover litigation costs related to a regulatory inquiry into the bank’s foreign exchange business.
As a result of the cut, the bank will now report a loss of $0.04 per share in the three-month period, rather than the previously reported $0.01.
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In a regulatory filing, the bank said that it has been engaged in ‘separate advanced discussions with certain US banking regulatory agencies to resolve matters related to its foreign exchange business.”
"There can be no assurance as to the ultimate outcome of these matters," the statement read.
Citigroup and JPMorgan too have made similar adjustments.
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