(Reuters) – Bank of America has set aside about $ 200 million for a regulatory case related to the unauthorized use of personal phones, its chief financial officer Alastair Borthwick said on Monday, adding that he expects the issue to be resolved soon.
Last year, Reuters reported that the U.S. Securities and Exchange Commission was investigating whether Wall Street banks had adequately documented employees’ work-related communications, such as text messages and emails, during the pandemic’s work from home.
During its second-quarter results on Monday, Bank of America recorded $ 425 million in regulatory spending, of which $ 225 million was related to federal regulatory fines issued last week for the bank̵
7;s handling of unemployment pandemic benefits, Borthwick said.The rest, about $ 200 million, is earmarked for other investigations into how the bank kept track of employees’ communications on their personal devices, such as cell phones, he said.
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