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Bank of America files corrected capital plan with Fed; investors cheer
Bank of America files corrected capital plan with Fed; investors cheer

Bank of America Corp. told stockholders that it has corrected errors in an annual stress test overseen by the Federal Reserve, saying the changes had almost no effect on its financial strength rating. The news on Tuesday sent Bank of America shares higher by 46 cents to $15.18, a gain of more than 3%, in afternoon trading in New York. The mistake, disclosed last month, caused the bank to overstate its capital cushion against losses by $4 billion. As a result, Bank of America was forced to postpone plans to raise dividend payouts to stockholders and repurchase shares for the first time since the financial crisis, sending its stock into a tailspin. Charlotte, N.C.-based Bank of America...

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