{"id":30008,"date":"2023-07-01T04:10:56","date_gmt":"2023-07-01T08:10:56","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/jpmorgan-goldman-citi-and-morgan-stanley-boost-dividends-after-fed-stress-tests\/"},"modified":"2023-07-01T04:10:58","modified_gmt":"2023-07-01T08:10:58","slug":"jpmorgan-goldman-citi-and-morgan-stanley-boost-dividends-after-fed-stress-tests","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=30008","title":{"rendered":"JPMorgan, Goldman, Citi and Morgan Stanley boost dividends after Fed stress tests"},"content":{"rendered":"
\n

Major U.S. banks including Morgan Stanley and JPMorgan Chase & Co. announced dividend increases late Friday, in the wake of the results of the Federal Reserve\u2019s latest bank stress tests earlier this week. <\/p>\n

JPMorgan
\n JPM,
\n +1.40%<\/bg-quote>
\n said it plans to raise the bank\u2019s dividend to $1.05 a share, up from $1 a share, for the third quarter, subject to board approval. <\/p>\n

\n

The stress tests \u201cshow that banks are resilient \u2014 even while withstanding severe shocks \u2014 and continue to serve as a pillar of strength to the financial system and broader economy,\u201d JPMorgan Chief Executive Jamie Dimon said in a statement. <\/p>\n

\u201cWe continue to maintain a fortress balance sheet with strong capital levels and robust liquidity,\u201d Dimon added. <\/p>\n

Morgan Stanley
\n MS,
\n +0.19%<\/bg-quote>
\n said it will increase its quarterly dividend to 85 cents a share from the current 77.5 cents a share, beginning with its third-quarter dividend. The bank also said that its board reauthorized a multiyear share buyback totaling as much as $20 billion, without an expiration date, beginning in the third quarter. <\/p>\n

Don\u2019t miss:<\/strong> Fed stress tests see large banks able to handle recession and slide in commercial-real-estate prices<\/p>\n

See also:<\/strong> Wall Street upbeat on banks after \u2018mostly positive\u2019 Fed stress tests results<\/p>\n

\u201cThe results of the Federal Reserve\u2019s stress test demonstrate the durability of our transformed business model. We remain committed to returning capital to our shareholders and are raising our dividend by 7.5 cents,\u201d Chief Executive James P. Gorman said in a statement. <\/p>\n

Wells Fargo
\n WFC,
\n +0.54%<\/bg-quote>,<\/span>
\n for its part, said it will increase its dividend to 35 cents a share, up from 30 cents a share, subject to board approval. It said it has the capacity to undertake a share buyback, \u201cwhich will be routinely assessed as part of the company\u2019s internal capital adequacy framework that considers current market conditions, potential changes to regulatory capital requirements, and other risk factors,\u201d without elaborating further. <\/p>\n

Goldman Sachs Group Inc.
\n GS,
\n -0.17%<\/bg-quote>
\n said it would raise its dividend, to $2.75 a share from $2.50 a share, starting July 1. <\/p>\n

Market Pulse: <\/strong>Goldman Sachs reportedly looking to exit Apple partnership<\/p>\n

Citigroup Inc. C said its board had approved an increase in its quarterly dividend to 53 cents a share, from 51 cents, also for the third quarter.<\/p>\n

Citi Chief Executive Jane Fraser said that, while the bank \u201cwould have clearly preferred not to see an increase in our stress capital buffer, these results still demonstrate Citi\u2019s financial resilience through all economic environments, including the severely adverse scenario envisioned in the Federal Reserve\u2019s stress test.\u201d<\/p>\n

Citi\u2019s \u201crobust capital and liquidity position, as well as the diversification of our funding and our business model, allow Citi to continue to be a source of strength for our clients and navigate challenging macro environments securely,\u201d Fraser said. <\/p>\n

The bank bought back $1 billon in shares in the second quarter and will continue to evaluate its capital actions, the chief executive said. \u201cWe are completely committed to simplifying Citi, improving returns and delivering value to our shareholders.\u201d<\/p>\n

Shares of Morgan Stanley and Wells Fargo rose 1.5% and 0.1%, respectively, in the after-hours session after ending the regular trading day up a respective 0.2% and 0.5%. JPMorgan shares edged up 0.2% in the extended session after closing 1.4% higher on Friday. Citigroup shares were up 0.2%, while Goldman\u2019s were largely unchanged. <\/p>\n

Bill Peters contributed.<\/em><\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Major U.S. banks including Morgan Stanley and JPMorgan Chase & Co. announced dividend increases late Friday, in the wake of the results of the Federal Reserve\u2019s latest bank stress tests earlier this week. JPMorgan JPM, +1.40% said it plans to raise the bank\u2019s dividend to $1.05 a share, up from $1 a share, for the […]<\/p>\n","protected":false},"author":1,"featured_media":30009,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-30008","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nJPMorgan, Goldman, Citi and Morgan Stanley boost dividends after Fed stress tests | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Major U.S. banks including Morgan Stanley and JPMorgan Chase & Co. announced dividend increases late Friday, in the wake of the results of the Federal\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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