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Bank of America halts dividend boost, buyback after finding bad data
Bank of America halts dividend boost, buyback after finding bad data

The Federal Reserve on Monday said it required Bank of America to suspend plans to increase dividends and buy back stock after the firm told regulators it submitted incorrect data about its finances as part of the government's annual stress tests. The news was a blow to the nation's second-largest bank as it was preparing to reward shareholders with their first dividend increase since the financial crisis. BofA said it would resubmit the data and expected it would have to reduce the size of its dividend increase and buyback plan. The announcement Monday sent the company's stock down more than 4% in early trading. The bank said it "promptly notified" Fed...

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