Bank of America resubmits capital plan to Fed - Tri-State News, Weather & Sports

Bank of America resubmits capital plan to Fed

NEW YORK (AP) -

Bank of America is resubmitting its capital plan to the Federal Reserve, a month after it discovered errors in its initial report and was forced to suspend a bigger dividend payout and a stock buyback.

Shares in the bank slumped 4 percent on April 28 when it said that it had made an error in how it how it valued securities obtained in its acquisition of Merrill Lynch during the financial crisis in 2009.

The bank said Tuesday that changes will lead to less than a one-basis point reduction in reported capital ratios for the period ended Sept. 30, 2013, and will have no effect for the period ended March 31 of this year.

Shares in the Charlotte, North Carolina, bank are up almost 2 percent before the opening bell.

(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

 

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