Third-largest fine in US treasury’s history, due to failure to report suspicious activity, may affect third-quarter earnings

Bank of America (BAC.N), has been fined $1.21bn by US regulators for widespread failures to detect ‌potential money laundering and other illicit activity, a penalty the bank said will hurt third-quarter earnings.

The US treasury department said the fine, the third-largest in department history, is due to the bank’s failure to report more than $5bn in suspicious activity to the government, including $1bn that posed national security-related and other priority illicit finance risks.

Move would reunite chief executive Brian Niccol with chain he led before joining coffee company two years ago

Starbucks has explored a takeover of Chipotle Mexican Grill, the Financial Times reported on Thursday, in a move that ⁠would reunite chief executive Brian Niccol with the burrito chain he led before joining the coffee giant two years ago.

The potential deal comes as restaurant chains wrestle with uncertain demand from inflation-weary ⁠consumers and rising operating costs, prompting ⁠companies to look ​for new avenues of growth while facing pressure to improve profitability.