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After the Federal Reserve's stress test, major Wall Street banks increased dividends and stock buybacks.
On Friday, the US banking industry announced an increase in dividend payouts, such as JPMorgan's plans to buy back $30 billion in stocks and Morgan Stanley receiving approval to buy back as much as $20 billion in stocks. Overnight on Friday, bank stocks rose across the board, with Citigroup rising 3.1% and Wells Fargo & Co. rising 3.43%.
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Goldman Sachs and other Wall Street giants increase spending, dividends and buybacks, as previously approved by the Federal Reserve's stress tests.
On June 29th, Guolonghui reported that Bank of America plans to increase its quarterly dividend by 8% to $0.26 per share. The board of directors of JPMorgan Chase authorized a new stock buyback plan of up to $30 billion, increasing stock dividends to $1.25 per share (previously $1.15). Morgan Stanley has been granted permission to repurchase up to $20 billion of stock and plans to increase its quarterly dividend to $0.925 per share. Goldman Sachs plans to increase its quarterly dividend from $2.75 to $3.00 per share. Citigroup plans to pay a dividend of $0.56 per share, previously $0.53. Wells Fargo & Co expects to increase its third-quarter dividend by 14% to $0.40.
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JPMorgan, Citi, BofA, Wells Fargo All Boost Dividends