BankBoston Corp. will take a third-quarter trading loss in the $40 million range - up from the $30 million projected in August, chief executive officer Chad Gifford told industry analysts.
The hit will be largely attributable to investments in emerging markets, a spokeswoman said, confirming Mr. Gifford's statement. She emphasized that BankBoston's overall Latin American operation continues to be strong.
With the disclosure BankBoston becomes the second major banking company this week to revise estimates of the fallout from the financial and economic turmoil in emerging markets.
On Tuesday, BankAmerica Corp. increased its projected third-quarter trading losses from Latin American and other high-yielding markets to $330 million, from $220 million.