Biggest US banks hike dividends, announce share buybacks

Major U.S. banks announced third-quarter dividend hikes after passing the Federal Reserve’s annual stress test, which confirmed their resilience to economic shocks.

JPMorgan raised its dividend to $1.50 per share and launched a $50 billion share buyback program.

Bank of America, Wells Fargo, Morgan Stanley, Goldman Sachs, and Citigroup also announced dividend increases and, in some cases, new repurchase plans.

The Fed found banks held an average capital buffer of 11.6%, well above the required 4.5%, Reuters has reported.

The Fed is considering making the stress test process more consistent by averaging results over two years.

read more: https://finance.yahoo.com/news/biggest-us-banks-hike-dividends-213145188.html

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