SEC’s Sledgehammer Falls On Bank Of America, JP Morgan, Others

Bank of America earmarked about $200 million in the second quarter for litigation tied to unauthorized electronic messaging by its employees. The bank said in late July that it was in settlement talks with the SEC and the CFTC.Citigroup Inc (C.N)

Citi is being investigated by the SEC for communication over unapproved channels used by its employees, the company disclosed in a regulatory filing in February.

The company set aside reserves to deal with the matter, Chief Financial Officer Mark Mason said during its second-quarter earnings in July. He didn’t specify an amount but said it was aligned with what peer companies had disclosed.

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Goldman Sachs (GS.N)

Goldman Sachs is in “advanced discussions” with the SEC and CFTC to resolve the probes, it said in a second-quarter filing.

Barclays PLC (BARC.L)

British bank Barclays said it had reached an agreement in principle to pay $200 million to U.S. regulators, the company said in its half-year earnings in July.

Credit Suisse Group AG (CSGN.S)Credit Suisse said in July it had booked a $200 million litigation provision mainly relating to the record-keeping rules.

Deutsche Bank AG (DBKGn.DE)

Deutsche Bank announced in late July that it set aside 165 million euros in additional provisions for possible regulatory enforcement, in part from the SEC and CFTC investigations.


UBS Group said U.S. regulators were conducting investigations into the bank and other financial institutions relating to business communications.


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