JPMorgan and Morgan Stanley boost buybacks and dividends

JPMorgan Chase and Morgan Stanley announced significant increases in dividend payouts and share repurchases.

JPMorgan, the largest U.S. bank by assets, raised its quarterly dividend by 8.7% to $1.25 per share and authorized a new $30 billion share repurchase program.

Morgan Stanley increased its dividend by 8.8% to 92.5 cents per share and approved a $20 billion repurchase plan.

In contrast, Citigroup and Bank of America made more modest announcements, with Citigroup raising its dividend by 5.7% to 56 cents per share and Bank of America increasing its dividend by 8% to 26 cents per share, without mentioning share repurchases.

These actions followed the banks’ successful completion of the Federal Reserve’s annual stress test, which confirmed their ability to withstand a severe recession, CNBC has reported.

read more: https://www.cnbc.com/2024/06/28/jpmorgan-and-morgan-stanley-boost-buybacks-and-dividend-while-citigroup-and-bofa-take-smaller-steps.html

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