Bank of America cuts 3rd-quarter results, saying it is taking $400M litigation charge

Economic Indicators Associated Press

Bank of America says it is taking a $400 million charge to cover additional litigation costs and cut its results for the third quarter.

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The Charlotte, North Carolina, company says it is in talks with U.S. banking regulators about its foreign exchange business. Citigroup cut its third-quarter earnings by $600 million on Oct. 30 for similar reasons.

Bank of America Corp. says it took a loss of $232 million, or 4 cents per share, in the third quarter. It had reported a profit of $168 million on Oct. 15.