{"id":30933,"date":"2023-07-03T16:22:44","date_gmt":"2023-07-03T20:22:44","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/top-u-s-banks-raise-dividends-after-sailing-through-fed-stress-tests\/"},"modified":"2023-07-03T16:22:46","modified_gmt":"2023-07-03T20:22:46","slug":"top-u-s-banks-raise-dividends-after-sailing-through-fed-stress-tests","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=30933","title":{"rendered":"Top U.S. banks raise dividends after sailing through Fed stress tests"},"content":{"rendered":"
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\n<\/u>2\/2<\/span><\/p>\n

\u00a9 Reuters. FILE PHOTO: A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS\/Mike Segar\/File Photo<\/span>
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By Saeed Azhar, Tatiana Bautzer and Nupur Anand<\/p>\n

NEW YORK (Reuters) – U.S. banks including JPMorgan Chase (NYSE:), Wells Fargo <\/span><\/span> (NYSE:), Goldman Sachs (NYSE:) and Morgan Stanley <\/span><\/span> (NYSE:) hiked their third-quarter dividends on Friday after sailing through the Federal Reserve’s annual health check, which showed they have enough capital to weather a severe economic downturn.<\/p>\n

JPMorgan, the biggest U.S. lender, plans to increase its quarterly stock dividend to $1.05 per share from a current $1.00. Wells Fargo will boost its dividend to 35 cents a share from 30 cents, the companies said.<\/p>\n

Goldman Sachs’ dividend will rise to $2.75 a share from $2.50, while Morgan Stanley’s will increase to 85 cents a share from the current 77.5 cents.<\/p>\n

Citigroup <\/span><\/span> (NYSE:)’s dividend will rise to 53 cents a share from 51 cents.<\/p>\n

The banks announced the dividend hikes after passing the Fed’s stress test, which determines how much capital they need to set aside before they can return money to shareholders. <\/p>\n

Under the Fed’s scenario of a major economic slump, the 23 banks tested – including JPMorgan, Bank of America (NYSE:) and Goldman Sachs – would suffer a combined $541 billion in losses, while still holding more than twice the amount of capital required.<\/p>\n

The largest U.S. lenders stayed resilient despite the failures of three large regional banks that roiled the industry earlier this year. Big banks stayed on a firm footing even as the Fed raised interest rates to tame inflation, which could tip the economy into recession.<\/p>\n

“The results show that these banks are able to withstand a severe stress and maintain a capital buffer above regulatory minima, a credit positive,” rating agency Moody’s (NYSE:) Investors Service in a note. <\/p>\n

Citigroup repurchased $1 billon of common stock during the second quarter and will continue to evaluate its capital actions every quarter, CEO Jane Fraser said in a statement.<\/p>\n

Citigroup’s stress capital buffer (SCB) requirement rose to 4.3%, from a current 4.0%, contrasting with large peers whose SCB dropped.<\/p>\n

The size of the SCB, an additional layer of capital introduced in 2020 that sits on top of banks’ minimum capital requirements, reflects how well a bank performs on the test.<\/p>\n

“While we would 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,” Fraser said.<\/p>\n

Analysts had expected banks to stay conservative given the uncertain economic environment while they prepare for international capital rules that could be announced as early as this summer.<\/p>\n

Bank New Previous <\/p>\n

JPMorgan Chase $1.05 $1.00 <\/p>\n

Goldman Sachs $2.75 $2.50 <\/p>\n

Citigroup $0.53 $0.51 <\/p>\n

Morgan Stanley $0.85 $0.775 <\/p>\n

Wells Fargo $0.35 $0.30 <\/p>\n<\/div>\n

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

2\/2 \u00a9 Reuters. FILE PHOTO: A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS\/Mike Segar\/File Photo 2\/2 By Saeed Azhar, Tatiana Bautzer and Nupur Anand NEW YORK (Reuters) – U.S. banks including JPMorgan Chase (NYSE:), Wells Fargo (NYSE:), Goldman Sachs (NYSE:) and […]<\/p>\n","protected":false},"author":1,"featured_media":27857,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-30933","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nTop U.S. banks raise dividends after sailing through Fed stress tests | iFintechWorld<\/title>\n<meta name=\"description\" content=\"2\/2 \u00a9 Reuters. 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