BofA to Take $400M Charge Related to Foreign Exchange Unit
The nation's No. 2 bank by assets announced Thursday it would take a $400 million non-deductable charge related to litigation costs related to its foreign exchange business.
The bank said it would adjust its third-quarter earnings to reflect a net loss of $232 million, or four cents per share. The company initially reported a third-quarter loss of one cent per share.
In a press release, Bank of America noted it has been in talks with banking regulatory agencies to resolve the matter.
Shares of Bank of America slid 0.9% in after-hours action.
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