Michael Corbat, chief executive officer of Citigroup Inc., Jamie Dimon, chief executive officer of JPMorgan Chase & Co.
Michael Corbat, chief executive officer of Citigroup Inc., Jamie Dimon, chief executive officer of JPMorgan Chase & Co., James Gorman, chief executive officer of Morgan Stanley, Brian Moynihan, chief executive officer of Bank of America Corp., Ron O'Hanley, president and chief executive officer of State Street Corp., Charles Scharf, chief executive officer of Bank of New York Mellon Corp., and David Solomon, chief executive officer of Goldman Sachs & Co.
Goldman Sachs, Bank of America, Morgan Stanley, Citigroup all said they will maintain their current dividend. Wells Fargo, however, said the Fed's assessment of its business will warrant a reduction to its quarterly payout. While the nation's largest banks were quick to drop stock buybacks at the onset of the coronavirus pandemic, the group is often loathe to cut their dividend payments, which are viewed as a steady source of income for investors. The industry was forced to slash dividends after the 2008 financial crisis and has only slowly built them up since the Fed first allowed banks to raise dividends in 2011.
Fed officials, citing an abundance of caution, also barred the banks from buying back shares in the third quarter and said it will require banks to submit to ongoing quarterly reviews for the duration of the crisis. Most of the nation's largest banks already agreed to halt share repurchases during the second quarter to shore up their capital positions.
Notable commentary: "We expect our second quarter results will include an increase in the allowance for credit losses substantially higher than the increase in the first quarter," said CEO Charlie Scharf. "Wells Fargo continues to have one of the strongest capital positions relative to regulatory minimums among the world's financial services firms as demonstrated by our stress test results.
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