BoA forced to scale back dividend

The Federal Reserve told Bank of America (BoA) to rein in its plans for a modest dividend increase, in a sign that regulators still view the lender as being financially weaker than its rivals. The largest US bank by assets did not disclose how much of a dividend increase it was looking for, and did not give a reason for the rejection. The bank said it intends to submit a revised proposal to the Fed and still hopes to increase its dividend in the second half of the year.