BofA’s Moynihan Delivers at Last on Vow to Boost Dividend
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Bank of America Corp. shareholders have pressed Chief Executive Officer Brian T. Moynihan to raise their token penny-a-share payout for more than three years. Yesterday, he finally delivered.
The bank’s quarterly dividend is rising to 5 cents after regulators approved the Charlotte, North Carolina-based company’s capital plan, the lender said yesterday. Moynihan told investors in March 2011 that the firm could restore part of its payout, which was cut to 1 cent in 2009 to preserve capital during the financial crisis.