Market Overview

Bank Of America Resubmits Capital Plan Following Error

Related BAC
Ocwen's $150M Settlement: A Clean Slate Or New Burden?
Why Wells Fargo Stands Out From Every Other Mega-Bank (In 6 Charts)
On Deck Shares Surge in NYSE Trading Debut (Fox Business)

Bank of America (NYSE: BAC) announced Tuesday that it has resubmitted its capital plan after disclosing a $4 billion capital error a month earlier.

The error had caused the company to suspend its plan to return capital to its shareholders through an increased dividend and a share repurchase.

Though the company has not revealed specific details of the plan, it has been confirmed that the new plan will be smaller than the previous one, which included a dividend increase from $0.01 to $0.05 and $4 billion repurchase authorization.

The company has also said that the revisions will not significantly affect the reported capital ratios and that any reductions will be less than one basis point.

Shares of Bank of America are trading up approximately two percent in the pre-market session following the announcement.

Posted-In: News Dividends Buybacks

 

Related Articles (BAC)

Around the Web, We're Loving...

Get Benzinga's Newsletters