Bank of America resubmits request for dividend increase - WSJ

July 10 Thu Jul 10, 2014 8:56am EDT

July 10 (Reuters) - Bank of America Corp has asked regulators to approve a higher quarterly dividend of 5 cents per share after it withdrew a previously planned increase in April, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.

The bank withdrew its previously planned increase to 5 cents from 1 cent per share, after it found errors that reduced a key capital level by $4 billion.

The second-largest U.S. bank said it had resubmitted its new capital plan in May but did not provide details.

In the latest proposal, the bank is seeking approval for a smaller share buyback than proposed in April, the Journal reported without providing a figure.

The bank had sought to buy back $4 billion of shares.

The Federal Reserve has until about Aug. 10 to rule on the bank's request, the paper said. (on.wsj.com/1mj6INP)

The previously planned dividend increase would have been the first for the bank since the financial crisis, and raising it has been a focus of top executives.

Bank of America shares were down 1.4 percent at $15.38 in premarket trading on Thursday. Up to Wednesday's close, they had fallen about 1.5 percent in the last month. (Reporting by Tanya Agrawal; Editing by Ted Kerr)

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