Bank of America Takes $400 Million Hit Over Currency Probe

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Bank of America Corp (NYSE:BAC) said Thursday it is taking a $400 million charge in the third quarter, as the second-largest U.S. lender braced for the end of probes into foreign exchange dealings. In a statement, the Charlotte, North Carolina-based bank said its quarterly report on Form 10-Q will reflect the adjustment. Bank of America: Regulators faulted systems and controls Last month, Bank of America Corp (NYSE:BAC) unveiled its third-quarter results, posting losses of 1 cent per share on $21.4 billion in revenue, against analysts’ expectation of loss of 9 cents per share on $21.33 billion in revenue. The bank’s…

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Mani is a Senior Financial Consultant. He has worked in Senior Management role in large banking, financial and information technology organizations. He has provided solutions for major banking and securities firms across the globe in the area of retail, corporate and investment banking. He holds MBA (Finance) and Professional Management Accounting Qualifications. His hobbies are tracking global financial developments and watching sports