What’s in store for shareholders of Bank of America, Wells Fargo

What’s in store for shareholders of Bank of America, Wells Fargo

CHARLOTTE — Bank of America Corp.‘s dividend rate will remain unchanged in the third quarter.

Charlotte-based BofA said Monday it will keep its quarterly common stock dividend at 18 cents per share “until further notice.” That’s in response to last week’s mandate by the Federal Reserve restricting banks from increasing dividend payments in the third quarter. The Fed also suspended share repurchases for the upcoming quarter.

San Francisco’s Wells Fargo & Co. said it would cut dividends in the third quarter from 51 cents per share. The bank did not give a specific amount, saying it would announce that with second-quarter earnings on July 14. 

Content Continues Below

Read more here.

Wells Fargo signals substantial layoffs ahead