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MarketScreener Homepage  >  Equities  >  Nyse  >  Bank of America Corporation    BAC

BANK OF AMERICA CORPORATION

(BAC)
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Bank of America settles SEC charges over capital disclosure errors

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09/29/2014 | 12:52pm EDT
A Bank Of America sign is pictured in the Manhattan borough of New York

WASHINGTON (Reuters) - Bank of America (>> Bank of America Corp) agreed to pay $7.65 million on Monday to settle civil charges alleging it miscalculated its regulatory capital for years, leading to an overestimate that eventually reached billions of dollars, U.S. regulators said Monday.

WASHINGTON (Reuters) - Bank of America (>> Bank of America Corp) agreed to pay $7.65 million on Monday to settle civil charges alleging it miscalculated its regulatory capital for years, leading to an overestimate that eventually reached billions of dollars, U.S. regulators said Monday.

The bank said in April that it had discovered that it had overstated its capital levels by $4 billion, an error that caused the bank to suspend its plan to repurchase shares and raise its dividend for the first time since the financial crisis. The miscalculation stemmed from a portfolio of structured notes that the bank inherited as part of its 2009 acquisition of Merrill Lynch and went on until the bank found the error in April.

The size of the penalty reflected the fact that Bank of America brought the matter to regulators' attention and took steps to correct the issue, SEC Director of Enforcement Andrew Ceresney said in a statement.

A Bank of America spokesman declined to comment on the settlement.

Bank of America hired a third party to review its capital-planning processes before it resubmitted a request to regulators in May to pay out more dividends to shareholders. The dividend increase to $0.05 per share from $0.01 per share was approved in August.

Monday's settlement with Bank of America is the second case the SEC has brought against a financial institution in recent months concerning problems related to acquisitions during the financial crisis. British bank Barclays (>> Barclays PLC) was hit with a $15 million fine on Sept. 23 for inadequate internal compliance systems following its takeover of the U.S. operations of Lehman Brothers in Sept 2008.

(Reporting by Sarah N. Lynch; Editing by Doina Chiacu, Bernard Orr)

By Sarah N. Lynch and Peter Rudegeair

Stocks treated in this article : Bank of America Corp, Barclays PLC
Stocks mentioned in the article
ChangeLast1st jan.
BANK OF AMERICA CORPORATION 0.17% 23.915 Delayed Quote.-32.03%
BARCLAYS PLC 2.00% 93.42 Delayed Quote.-48.80%
ONE STOP SYSTEMS, INC. 0.45% 2.22 Delayed Quote.9.41%
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Financials (USD)
Sales 2020 86 676 M - -
Net income 2020 14 060 M - -
Net Debt 2020 - - -
P/E ratio 2020 15,0x
Yield 2020 3,02%
Capitalization 207 B 207 B -
Capi. / Sales 2020 2,39x
Capi. / Sales 2021 2,41x
Nbr of Employees 213 000
Free-Float 99,8%
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Mean consensus OUTPERFORM
Number of Analysts 27
Average target price 28,42 $
Last Close Price 23,94 $
Spread / Highest target 58,7%
Spread / Average Target 18,7%
Spread / Lowest Target -3,93%
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Managers
NameTitle
Brian T. Moynihan Chairman, President & Chief Executive Officer
Catherine P. Bessant Co-COO & Chief Technology Officer
Thomas Kell Montag Co-Chief Operating Officer
Paul M. Donofrio Chief Financial Officer
Thomas J. May Independent Director
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