Enhanced Dividends and Share Repurchase Program Announced

In a significant move to enhance shareholder value, Bank of America has announced an 8% increase in its quarterly common stock dividend, raising it to $0.28 per share. This revised dividend is scheduled for payment on September 26, targeting shareholders recorded by September 5.

A Bold $40 Billion Stock Repurchase Initiative

Accompanying the dividend increase, the bank has unveiled a ambitious $40 billion stock repurchase program, set to commence on August 1. This new initiative replaces the existing buyback plan, under which $9.1 billion remained unused as of June 30. The program is designed to return excess capital to shareholders, ensuring the bank's regulatory capital levels remain robust. Repurchases will be executed through open-market transactions or private deals.

Commitment to Shareholder Returns and Economic Growth

"Our latest authorization reflects our unwavering commitment to returning surplus capital to our shareholders, without compromising our ability to support economic growth, serve our customers and communities, invest in future opportunities, and maintain financial stability throughout economic cycles," stated Bank of America.