Bank Of America Resubmits Capital Plan To Fed
Bank of America has resubmitted its capital plan to the Federal Reserve, a month after it discovered errors in its initial report and was forced to suspend a bigger dividend payout and a stock buyback. Shares in the bank slumped 4 percent on April 28 when it said that it had made an error in how it how it valued securities obtained in its acquisition of Merrill Lynch during the financial crisis in 2009. Bank of America had already received permission from the Fed to raise its quarterly dividend from the current 1 cent, to 5 cents per share, and to buy back $4 billion of its own shares.
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