New York — Bank of America hired law firm Davis Polk and Wardwell to conduct an internal review of a $292m charge-off in the fourth quarter, according to a person familiar with the matter. The law firm has been interviewing staff at the bank and is keeping the board of directors informed of its progress, the person said on Wednesday, asking not to be identified because the matter is private. The charge was tied to embattled Steinhoff, a person said in January when it was announced. The Wall Street Journal reported the hiring of the law firm earlier Wednesday. "One of the reasons we have record-low credit losses is because we take the time to analyse what happened when things don’t go as planned and learn from it," the bank said in an e-mailed statement on Wednesday. "It’s the responsible thing for a financial institution to do." Bank of America is among US lenders that got stung by losses tied to Steinhoff, whose shares plunged after it reported accounting irregularities. CEO Brian ...
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