{"id":30321,"date":"2023-07-02T02:06:15","date_gmt":"2023-07-02T06:06:15","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/large-banks-start-announcing-dividend-raises-after-fed-stress-tests\/"},"modified":"2023-07-02T02:06:17","modified_gmt":"2023-07-02T06:06:17","slug":"large-banks-start-announcing-dividend-raises-after-fed-stress-tests","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=30321","title":{"rendered":"Large banks start announcing dividend raises after Fed stress tests"},"content":{"rendered":"<div>\n<div id=\"imgCarousel\" class=\"imgCarousel\">\n<p><span class=\"text\">\u00a9 Reuters. <\/span><br \/>\n<i class=\"imgGrad\"><\/i>\n<\/div>\n<p dir=\"ltr\">Investing.com &#8212; Large banks are starting to announce their dividend and other capital plans now that the results of the Federal Reserve\u2019s annual stress tests have been announced.<\/p>\n<p dir=\"ltr\"><span itemscope=\"\" itemtype=\"http:\/\/schema.org\/Corporation\"><span itemprop=\"name\"> Wells Fargo <\/span><\/span> &amp; Company (NYSE:) is raising its dividend nearly 17% to 35 cents a share in the third quarter. Shares rose 0.1% in after-hours trading.\u00a0<\/p>\n<p dir=\"ltr\">Wells said it expects its stress capital buffer to decrease to 2.9%, representing a percentage amount of incremental capital it needs to hold above its minimum requirements.\u00a0<\/p>\n<p dir=\"ltr\">The dividend raise, from 30 cents a share, is subject to board approval in July.<\/p>\n<p dir=\"ltr\">Wells also said that for the four-quarter period beginning in the third quarter 2023 and going through second quarter 2024, it has capacity to repurchase common stock.<\/p>\n<p dir=\"ltr\">\u201cThis year\u2019s CCAR stress test affirmed that Wells Fargo remains in a strong capital position, reflecting the value of our franchise and benefits of our operating model,\u201d said CEO Charlie Scharf in a statement.<\/p>\n<h2 dir=\"ltr\">JPMorgan emphasizes &#8216;fortress&#8217; balance sheet<\/h2>\n<p dir=\"ltr\">JPMorgan Chase &amp; Co (NYSE:) is raising its payout 5%, to $1.05 a share in the third quarter. Its stress capital buffer is 2.9%, down from 4.0%.<\/p>\n<p dir=\"ltr\">JPMorgan added that it has an existing repurchase program previously approved by its board.<\/p>\n<p dir=\"ltr\">CEO Jamie Dimon said in a statement that the bank continues to \u201cmaintain a fortress balance sheet with strong capital levels and robust liquidity, and we remain prepared for a broad range of potential outcomes, including potentially higher future capital requirements from the finalization of the Basel III capital rules.\u201d<\/p>\n<p dir=\"ltr\">Shares rose 0.2%.<\/p>\n<h2 dir=\"ltr\"><span itemscope=\"\" itemtype=\"http:\/\/schema.org\/Corporation\"><span itemprop=\"name\"> Morgan Stanley <\/span><\/span> cites transformed business model<\/h2>\n<p dir=\"ltr\">Morgan Stanley (NYSE:) plans to raise its quarterly dividend 9.6%, to 85 cents a share from 77.5 cents a share.\u00a0<\/p>\n<p dir=\"ltr\">Its board reauthorized a share repurchase program of up to $20 billion, beginning in the third quarter. Morgan Stanley expects to be subject to a stress capital buffer of 5.4% from October 1, 2023, to September 30, 2024. CEO James P. Gorman said the results \u201cdemonstrate the durability of our transformed business model.\u201d<\/p>\n<p dir=\"ltr\">Shares of Morgan Stanley rose 1.3% in after-hours trading.<\/p>\n<h2 dir=\"ltr\">US Bank anticipates future changes to capital requirements<\/h2>\n<p dir=\"ltr\">U.S. Bancorp (NYSE:) expects a stress capital buffer of 2.5% starting in October. It also said its common stock repurchase program remains suspended after the acquisition of Union Bank and in anticipation of future changes to capital requirements.\u00a0<\/p>\n<p dir=\"ltr\">\u201cThe results of this year\u2019s stress test demonstrate that we are well-capitalized and remain prepared to withstand a severe economic downturn following the acquisition of Union Bank,\u201d said CEO Andy Cecere.<\/p>\n<p dir=\"ltr\">US Bank shares dipped 0.1%.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.investing.com\/news\/stock-market-news\/large-banks-start-announcing-dividend-raises-after-fed-stress-tests-3118127\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00a9 Reuters. Investing.com &#8212; Large banks are starting to announce their dividend and other capital plans now that the results of the Federal Reserve\u2019s annual stress tests have been announced. Wells Fargo &amp; Company (NYSE:) is raising its dividend nearly 17% to 35 cents a share in the third quarter. Shares rose 0.1% in after-hours [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":30322,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-30321","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Large banks start announcing dividend raises after Fed stress tests | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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