The Federal Reserve objected to Bank of America Corp.'s plan to raise its dividend, the Charlotte, N.C., company confirmed on Wednesday.
B of A, which was not among the group of large banks that the central bank approved for dividend increases Friday, said in a
The Fed notified B of A of its decision on Friday.
An analyst with KBW Inc. said in a recent research note that the Fed objected to the bank's plan because its "