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BofA suspends stock buyback, dividend increase
April 28, 2014 / 12:51 PM / in 3 years

BofA suspends stock buyback, dividend increase

April 28 (Reuters) - Bank of America Corp said it would suspend its $4 billion stock buyback program and the planned increase in its quarterly dividend after it miscalculated the treatment of certain structured notes related to its acquisition of Merrill Lynch in 2009.

The company also said it would resubmit its 2014 capital plan to the Federal Reserve.

Bank of America shares were down 2 percent at $15.62 before the bell. (Reporting by Tanya Agrawal in Bangalore; Editing by Don Sebastian)

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