The Board of Governors of the Federal Reserve System approved Bank of America Corp.'s (NYSE: BAC) plan to return as much as $37 billion to shareholders over the next year.
As part of that plan, BofA will increase its stock dividends by 20% to 18 cents per share starting in the third quarter. The Charlotte-based bank also plans to buy back nearly $31 billion in common stock between July 1 and June 30, 2020. That includes $900 million in repurchases to offset the shares in equity-based compensation…
