BofA's Chief Financial Officer Doesn't Have To Explain Himself, Latest Colossal Screw Up To You

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Bank of America Corp. Chief Financial Officer Bruce Thompson provided few details Wednesday on the capital miscalculation that last month forced the bank to suspend its plans to raise its dividend...Asked by Barclays analyst Jason Goldberg how the error had happened, or how it might color the Federal Reserve's view of the bank, Mr. Thompson repeated points the bank has made for the past two and a half weeks: The error didn't affect earnings, was discovered internally, and was reported promptly to regulators. The error resulted in the bank's capital ratios being lower than previously thought, though the ratios are still higher than regulatory standards. Mr. Thompson said Wednesday that "we need to get back on track with respect to the progress we've made" on the capital ratio. He said the bank would "get back to doing a great job" on the stress test process and share buybacks. [WSJ]

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