Top US banks plan to pay more to shareholders after passing regulators’ annual stress test results.
JPMorgan Chase & Co said it plans to raise its quarterly dividend to $1.25 per share, up from $1.15. The bank had already raised its dividend in March. JPMorgan also announced a $30 billion share buyback program, starting July 1.
Morgan Stanley said it plans to increase its quarterly dividend to $0.925 per share, up from $0.85. The bank also announced that its board of directors has approved a multi-year program to repurchase up to $20 billion of the company’s common shares starting in the third quarter.
Bank of America said it plans to raise its dividend to $0.26 from 24 cents, while Goldman Sachs plans to increase its quarterly dividend to $3 from $2.75 per share.
The Fed confirmed earlier this week that all 31 banks that participated in the stress tests, including major institutions like JPMorgan and BofA, mid-sized banks like Citizens and PNC, as well as foreign affiliates like UBS and Deutsche Bank, passed the test. successfully
With information from the Wall Street Journal