Bank of America has agreed to a request from the office of Andrew Cuomo, attorney-general of New York, to waive the attorney-client privilege that Mr Cuomo claims is preventing him from determining whether charges should be brought against BofA’s top executives.

A source familiar with the matter said BofA sent Mr Cuomo’s office a letter late on Monday saying the bank would turn over documents regarding the legal advice that was given to the bank’s senior management in the weeks leading up to BofA’s acquisition of Merrill Lynch, which closed on January 1.