BofA Share Buyback Program Suspended

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April 28 (Bloomberg) -- Bloomberg’s Michael Moore reports on Bank of America suspends share buyback program. He speaks with Alix Steel on Bloomberg Television’s “Market Makers.” (Source: Bloomberg)

For more on the story is michael moore of bloomberg news.

Of bank of america has issues with the stress test.

It is unusual for after the process is over to have something like this come up.

You think the fed would have discovered this during the process.

It has been going on since they bought merrill lynch in 2009. the accounting notes for the structure.

Citigroup was restricted for qualitative reasons.

Goldman sachs had to resubmit their plans because of qualitative reasons.

Banks are still coming to terms with what the fed wants.

There are some cases like this where it is just a simple error.

Go figure.

What kind of black eye is this for brian moynihan, who has been trying to increase the dividend?

It does not look great for moynahan because in 2011 he promised the dividend increase and that got rejected.

They finally got their dividend increases.

They are going to bump it to five cents per share.

That is on hold until they resubmit.

Are they still going to go for the five cents dividend increase quarterly?

The total buyback will be lower than what they asked for originally.

We also note that will come from the buyback or dividend.

The feds have 30 days to resubmit.

They look at the answer on that.

Our heads going to roll?

It will be interesting to see.

It is a really tough process.

Cfos have taken some heat for these processes because this is a major thing.

Shareholders are interested because of payouts, the capital payouts.

If revenue is not growing you need some income from these stocks.

He said oppenheimer said it was a relatively minor flaw, investors need some reason to go

This text has been automatically generated. It may not be 100% accurate.


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