Daily News: November 7, 2014

BofA Swings to Q3 Loss on Litigation Expense

In a statement, Bank of America announced an adjustment to its financial results for the third quarter ended September 30, 2014 to include additional litigation expense related to its foreign exchange business.

The bank said subsequent to the company’s earnings announcement on October 15, and prior to the filing of the company’s quarterly report on form 10-Q for the quarter ended September 30, 2014, the company has been engaged in separate advanced discussions with certain U.S. banking regulatory agencies to resolve matters related to its foreign exchange business.

As a result of those discussions, the company said it recorded a $400 million non-deductible charge and adjusted its third-quarter 2014 financial results to a net loss of $232 million or $(0.04) per share. There can be no assurance as to the ultimate outcome of these matters.

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