Bank of America, which last month won approval to lift its dividend for the first time since the financial crisis, said it will suspend that increase and $4 billion of planned buybacks because of an error in its capital planning.
Bank of America will resubmit its proposal to the Federal Reserve, the Charlotte, North Carolina-based lender said today in a statement. The company said it incorrectly adjusted for cumulative realized losses on structured notes issued by Merrill Lynch.
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