Bank of America Did It! Sort Of!

Mission somewhat accomplished.

Bank of America Corp will raise its quarterly dividend above a penny for the first time in more than five years after getting a green light from the Federal Reserve, a milestone in its recovery from the financial crisis. The bank said Wednesday that it would raise its dividend to 5 cents a share from 1 cent, after the Fed said that it wouldn’t object. But the bank scrapped its previous request for a $4 billion buyback. Bank of America had received permission in March for the 5-cent dividend and $4 billion share buyback, as part of the Fed’s annual stress tests of large banks, but it was forced to submit a new plan after announcing in April that it had discovered errors in the way it calculated regulatory capital levels.

BofA Dividend Increase Is a Postcrisis Milestone [WSJ]

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3 Responses to “Bank of America Did It! Sort Of!”

  1. Guest says:

    Meanwhile the various law firms that have been defending the company against shareholder and govenment lawsuits maintained that $4 Billion in legal fees in the coming year was a good number.

  2. Spirit Pointer says:

    That picture of Moynihan was taken when he was offered the CEO job in 2009, he has not smiled since.

  3. You can never a get a hold of anyone at this bank. No one ever picks up a phone. Phone system stinks too. No at all satisfied with this bank

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