Bank of America revised its previously announced regulatory capital ratios downward and suspended its share buyback, the company said Monday.
The revision was due to an incorrect adjustment related to its 2009 acquisition of Merrill Lynch. Sources told CNBC the errors were discovered in the last few days in the process of preparing the bank's quarterly report.
"As a result, the company is making the following adjustments to the previously announced estimated preliminary capital ratios for the first quarter ended March 31, 2014: the estimated Basel 3 Standardized transition common equity tier 1 capital ratio was revised to 11.8 percent, down 5 basis points; the estimated tier 1 capital ratio was revised to 11.9 percent, down 21 basis points; the estimated total capital ratio was revised to 14.8 percent, down 21 basis points; and the estimated tier 1 leverage ratio was revised to 7.4 percent, down 12 basis points," the company said.
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