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The Boston Globe

Business

Bank of America and Citigroup still hurting from mortgage businesses

NEW YORK — More than four years after the financial crisis, many big banks have regained their footing. But Bank of America and Citigroup remain dogged by the past.

On Thursday, the two banks disclosed that substantial legal costs undercut their fourth-quarter earnings. The expenses, the banks said, stemmed from huge settlements involving their mortgage businesses.

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