U.S. banks including JPMorgan Chase , Wells Fargo , Goldman Sachs and Morgan Stanley 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.
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.
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.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.
"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 Investors Service in a note. Citigroup's stress capital buffer requirement rose to 4.3%, from a current 4.0%, contrasting with large peers whose SCB dropped.
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