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

Economic IndicatorsAssociated 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.

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.

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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.