July 10 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)