Bank of Boston Corp. is likely to report a $130 million hedging loss for the first quarter, according to a report by SNL Securities. But a report from Keefe, Bruyette & Woods Inc., responding to SNL's, played down the potential loss.

Bank of Boston has agreed to a joint venture with two private investors and Barnett Mortgage Co. The agreement has Bank of Boston spinning off its mortgage unit and combining it with Barnett's servicing operation.

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