Bank of America Corp. Chief Executive Officer Brian T. Moynihan won permission last month for the firm’s first dividend increase since the financial crisis. Now he’s under pressure to salvage the payout after the company mistakenly inflated capital levels by about $4 billion.
Bank of America Corp. fell the most since November 2012 after suspending plans for a dividend increase and $4 billion of share repurchases because of an error in its stress-test submission to the Federal Reserve.
Investors had declared the stock of AllianceBernstein Holding LP a loser. From Jan. 1, 2010, to Aug. 23, 2012, it had declined 43 percent compared with a 33 percent gain for the Standard & Poor’s 500 Index. Nevertheless, on that day, Credit Suisse Group AG analyst Craig Siegenthaler lifted his rating on the New York-based money manager’s shares to a buy.
American Express Co., the biggest credit-card issuer by purchases, climbed as much as 2.3 percent as analysts recommended buying the stock after the firm forecast a jump in small businesses that accept its products.
Betsy Graseck, a bank analyst at Morgan Stanley, says JPMorgan Chase is delivering "double-digit return on equity." Graseck talks with Bloomberg's Tom Keene and Sara Eisen on Bloomberg Radio's "Bloomberg Surveillance."
Citigroup Inc. , the third-largest U.S. bank, may distribute as much as $64 billion to shareholders through dividends and buying back shares through 2014, according to Betsy Graseck , a Morgan Stanley analyst.