Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Bank of America Corp (BAC): Losses Per Share Are 4 Times Larger, But It’s Still A Small Price It Has Paid

Bank of America Corp (NYSE:BAC) along with other major banks like Citigroup Inc (NYSE:C), Morgan Stanley (NYSE:MS) and many more faces a legal probe for FOREX manipulation and needs to change the numbers in its earnings reports. The previous loss of $0.01 per share will now be 4 times larger, that is $0.04, but still less than $0.09 that analysts have been expecting, according to CNBC.

Bank of America Corp (NYSE:BAC)

“Bank of America Corp (NYSE:BAC) is adjusting its third quarter earnings by $400 million after learning material information that its legal fees are rising on the back of this ongoing multi-bank probe into manipulation of the foreign currency market,” said Kayla Tausche.

This ordeal is the result of major banks colluding into rigging exchange rates for the $5.3 trillion-a-day volume of trade. Bank of America Corp (NYSE:BAC) senior officials were chatting with other peers through an electronic chatroom, which served as a pool of information regarding the planned volumes that each major entity expected to undertake. Bloomberg News reported more than one year ago that all these settlements took place in the 60-seconds windows when the benchmarks were set. This is supposed to have lasted about a decade, and the settlement seems quite cheap to wash the guilt of their hands.

“The third quarter for B of A was already marked by a massive legal charge associated with the $17 billion settlement with the department of justice. So, while this certainly is a smaller expense for them, it does seem like the tab keeps adding up for Bank of America Corp (NYSE:BAC),” informed Kayla Tausche.

Bank of America Corp (NYSE:BAC) and other entities involved took advantage of the biggest and least regulated financial market, which according to 2013 data was about $4.7 trillion-a-day. All the major regulators from Asia, Americas and Europe have been actively implicated in analyzing the case.

Disclosure: none

Warren Buffett and BillionairesFree Report: Warren Buffett and 12 Billionaires Are Crazy About These 7 Stocks

Let Warren Buffett, David Einhorn, George Soros, and David Tepper WORK FOR YOU. If you want to beat the low cost index funds by an average of 6 percentage points per year look no further than Warren Buffett’s stock picks. That’s the margin Buffett’s stock picks outperformed the market since 2008. In this free report, Insider Monkey’s market beating research team identified 7 stocks Warren Buffett and 12 other billionaires are crazy about. CLICK HERE NOW for all the details.

Biotech Stock Alert - 20% Guaranteed Return in One Year

Hedge Funds and Insiders Are Piling Into

One of 2015's best hedge funds and two insiders snapped up shares of this medical device stock recently. We believe its transformative and disruptive device will storm the $3+ billion market and help it achieve 500%-1000% gains in 3 years.

Get your FREE REPORT and the details of our 20% return guarantee today.

Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.
Loading Comments...

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 102% in 3 years!! Wondering How?

Download a complete edition of our newsletter for free!