
America’s second largest bank has set aside $200 million for fines linked to its employees’ use of unapproved personal devices as regulators clamp down on “off-channel” communication on Wall Street.
Bank of America is the latest big institution to face a fine after America’s leading financial watchdog opened an investigation last year into whether firms were doing enough to track bankers’ business-related conversations across all platforms. Alastair Borthwick, the lender’s chief financial officer, said yesterday that it was preparing to resolve the issue with the US Securities and Exchange Commission.
About $425 million in expenses, listed in Bank of America’s latest earnings report, were allocated for “certain regulatory matters”. This included $225 million in penalties, announced last week, over unfair and deceptive practices relating to