Qatar tribune Agencies New York US banking giants announced plans to raise their third-quarter dividends on Friday after proving that they have enough capital to withstand severe economic and market turmoil in the Federal Reserve’s annual health check. JPMorgan Chase, the largest US lender, hiked its dividend to $1.25 a share from $1.
15, according to a filing. Its board also authorized $30 billion in new share buybacks, effective July 1. Bank of America’s dividend will rise to 26 cents a share from 24 cents, and Citigroup’s will increase to 56 cents from 53 cents, the lenders said in separate regulatory filings.
“Banks are going to remain conservative on capital as uncertainty over the Basel proposal remains,” Brian Mulberry, a client portfolio manager at Zacks Investment Management, said after the dividends were announced. Banks have argued that higher capital requirements proposed under draft rules known as the Basel endgame could impede their ability to lend and could be detrimental for the economy. Morgan Stanley boosted its dividend to 92.
5 cents a share from 85 cents, according to a filing. The announcements came after the banks cleared the Fed’s stress test earlier this week, which determines how much capital they need to set aside before they can return money to shareholders. The technologies will enable, still, all of us to enjoy fashion because isn’t that at the end of the day everyone wants to be looking good.
Goldman Sachs’ dividend will climb to $.