Bank of America Finds a Mistake: $4 Billion Less Capital

An ongoing financial accounting error at Bank of America led the bank to think it had $4 billion more capital than it actually did.

Bank of America reported its error to the Federal Reserve, and the regulator required the bank to suspend a share buyback and a planned increase in its quarterly dividend, the New York Times reported.

The Times said regulators still believe Bank of America has sufficient capital, but the disclosure of the accounting error will most likely add fuel to the debate over whether the nation’s largest banks are too big and complicated to manage.

Read more from the New York Times.