Bank of America sets aside $400m for currency rigging probe

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Bank of America has set aside $400m (£253m) due to rising litigation costs associated with an investigation into foreign currency manipulation at the bank.

That more than tripled the size of its previously-reported third-quarter loss to $232m from $70m, the BBC reports. The bank has been engaged in "advanced discussions with certain US banking regulatory agencies to resolve matters", it said in a statement. Last week, Citigroup was also forced to restate its results. And both Deutsche Bank and JP Morgan have said in separate earnings releases that they have set aside over $1bn each to deal with the same investigation. On Monday, JP Morgan further specified that the investigation, being led by the US Department of Justice, could cos...

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