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Money laundering issue to be an 'overhang for BofA' until formal action, J.P. Morgan says



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** Second-largest U.S. lender Bank of America BAC.N, late Tuesday, disclosed it could face regulatory actions over its programs to identify money laundering and sanction evasions

** J.P. Morgan says the development is significant, adding that how much it would add to expenses and whether there would be any limitations imposed, are the key issues

** Brokerage adds that the issue would remain an "overhang for BofA" and likely add a little pressure to the stock until regulators file formal actions

** Piper Sandler says the heightened disclosure is unfortunate but not shocking, given a recent similar situation at peer Wells Fargo WFC.N

** Brokerage adds it might generate a bit of weakness in the stock, near-term, but hopes that there is a quick resolution with few lasting impacts



Reporting by Arasu Kannagi Basil in Bengaluru

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