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.