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Financial Sector Update:March 23, 2011

Financial News Network
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March 23, 2011 AT 8:32 PM
Financial shares are lower while Bank of America (BAC) is down on reports that regulators rejected the bank's plans to raise its dividend. The bank said it still hopes to raise its shareholder payout in the second half of the year, and plans to submit a revised proposal to regulators at the Federal Reserve, according to a Reuters. Meanwhile, federal prosecutors plan to call Lloyd Blankfein, chief executive of Goldman Sachs Group Inc. (GS) to testify in the insider-trading trial of Galleon Group hedge-fund manager Raj Rajaratnam, MarketWatch and other news outlets report.