Bank of America Merrill Lynch

Bank of America Corp is one of the United States’ largest bank holding companies by assets. Its acquisition in 2008 of Merrill Lynch made Bank of America the world's largest wealth management corporation and a major player in the investment banking market.

 

 
Citi has agreed to pay a US$1.02 billion fine as part of the deal to settle civil claims of foreign exchange rate rigging. Photo: Bloomberg

US and UK forex probes could bring more pain to banks

The US$4.3 billion in civil settlements struck between six global banks and US and British authorities over foreign exchange market manipulation sets the stage for negotiations over related probes that could bear much more severe consequences.