(LR) Brian Moynihan, Chairman and CEO of Bank of America; Jamie Dimon, Chairman and CEO of JPMorgan Chase; and Jane Fraser, CEO of Citigroup; in 2023 Testified at a Senate Banking Committee hearing on December 6 in the Hart Senate Office Building in Washington, DC.
Saul Loeb | AFP | Getty Images
JPMorgan and Morgan Stanley said on Friday they were increasing dividend payments and share buybacks, while rivals Citigroup and Bank of America A more modest announcement was made.
JPMorgan Chase, the largest U.S. bank by assets, said it was raising its quarterly dividend 8.7% to $1.25 per share and authorized a new $30 billion stock repurchase program.
Morgan Stanley, a leader in wealth management, said, Increase dividends Prices rose 8.8% to 92.5 cents per share and it authorized a $20 billion buyback program.
Citigroup said The company raised its dividend 5.7% to 56 cents per share and will “continue to evaluate share repurchases on a quarterly basis.”
Bank of America stated It increased its dividend 8% to 26 cents per share; its press release did not mention share buybacks.
Big banks announced plans to boost capital returns to shareholders this week after passing annual stress tests administered by the Federal Reserve. While all 31 banks taking this year’s exam have told regulators they can withstand a hypothetical severe recession, JPMorgan said on Wednesday its losses could be higher than the Fed initially found.
The New York-based bank said on Friday it would not affect its capital return plans.
“The strength of our company allows us to continue to invest in building our business for the future, pay a sustainable dividend and return any remaining excess capital to us,” JPMorgan CEO Jamie Dimon said at the company’s shareholder meeting. shareholders. release.
Dimon noted that JPMorgan increased its dividend for the second time this year.
About The Author
