BofA Brings in Law Firm to Examine $292 Million Charge

• Davis Polk to review losses said to be tied to Steinhoff

• CEO Moynihan said in January that it was a ‘wake-up call’

Bank of America Corp. hired Davis Polk & Wardwell LLP to conduct an internal review of a $292 million 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 Wednesday, asking not to be identified because the matter is private. The charge was tied to the embattled ...