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News & Press: ACCOUNTING AND FINANCIAL REPORTING

Accounting error reduces share value of Bank of America

07 May 2014   (0 Comments)
Posted by: Nicolaas van Wyk
The BBC reports that shares in US banking giant Bank of America dropped 6% after the bank announced a suspension of its capital plan due to an accounting error.

In a statement, the bank said the error had to do with how it calculated losses relating to its acquisition of investment bank Merrill Lynch in 2009.

Bank of America had announced plans to buy back $4bn (£2.4bn) of its shares and boost its dividend.

The US Federal Reserve said the bank would now have to suspend that plan.

Bank of America has 30 days to submit a corrected balance sheet, as well as a new capital plan, subject to approval of the US central bank, the Fed said in a statement.

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