Bank of America suspends previous capital plans

After Bank of America reported its error, the the Federal Reserve required the bank to suspend a share buyback and a planned increase in its quarterly dividend. Bank of America Finds a Mistake: $4 Billion Less Capital – The New York Times

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Bank of America finds a $4 bn mistake; suspends buyback, dividend hike plans. ET online|. updated: apr 29, 2014, 04.35 PM IST. News of the gaffe sent the bank’s shares down 6.3% to close at $14.95, in the biggest one-day decline in the stock since November 2012.

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Bank of America today announced that the Federal Reserve did not object to the company’s resubmitted 2015 Capital Plan. The Federal Reserve has provided additional information on its website at www.federalreserve.gov .

Under the stress test results, Bank of America’s total Tier 1 Capital Ratio would remain above the federal regulatory target over the two-year period. Tier 1 common equity would be below the guideline, necessitating an increase in the company’s common equity to meet the government’s most adverse economic scenario.

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Bank of America has received approval from the Fed for its resubmitted capital plan. The Fed’s conditional approval in March was a major defeat for Bank of America. Bank of America has improved.

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Shares of Deutsche Bank gained in early Frankfurt trading, while U.S. lenders including JPMorgan Chase & Co., Bank of America.

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