NEW YORK — Some of the biggest names in American banking moved quickly Wednesday to reward shareholders after the Federal Reserve published the results of its annual stress tests, with multiple institutions announcing dividend increases and stock buyback programs.
Here is what each major bank revealed:
Citigroup said it will raise its quarterly dividend by 12%, bringing it to 67 cents per share. The bank also said it will maintain its existing multi-year $30 billion common stock repurchase program.
Goldman Sachs announced its common stock dividend will climb 11%, moving from $4.50 to $5.00 per share, with the increase taking effect next month.
Bank of America indicated it will determine the exact amount of its quarterly dividend following a board meeting scheduled for next month. The bank confirmed it is holding onto its $40 billion stock repurchase program.
JPMorgan Chase & Co. plans to raise its quarterly dividend from $1.50 to $1.65 per share. The bank also unveiled a brand-new $50 billion common share repurchase program.
Morgan Stanley announced a 15% dividend increase, bringing its payout to $1.15 per share. Its board also gave the green light to a multi-year $20 billion common equity share repurchase program.
