Fed tells Bank of America to rein in dividend plan (Reuters)
NEW YORK (Reuters) – Bank of USA Corp (BAC.N) said it needs to reorganise its plans to increase dividends in the ordinal half of 2011 after regulators objected to the proposal.
The slope said weekday that it ease hopes to increase its dividend in the ordinal half of the year, and intends to accede a revised offering to regulators at the Federal Reserve.
The Federal Reserve authorised dividend increases for a assemble of banks on Friday. Bank of USA had hoped to be in a ordinal wave of banks to raise dividends in the ordinal half of this year.
(Reporting by Dan Wilchins, redaction by Gerald E. McCormick)
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