Major U.S. banks including Morgan Stanley, Wells Fargo and JP Morgan Chase & Co. announced dividend increases late Friday.
Major U.S. banks including Morgan Stanley and JP Morgan Chase & Co. announced dividend increases late Friday, following the Federal Reserve’s stress tests earlier this week.
The stress... Major U.S. banks including Morgan Stanley and JP Morgan Chase & Co. announced dividend increases late Friday, following the Federal Reserve’s stress tests earlier this week. The stress tests “show that banks are resilient – even while withstanding severe shocks – and continue to serve as a pillar of strength to the financial system and broader economy,” JPMorgan Chief Executive Jamie Dimon said in a statement.
Morgan Stanley MS said it will increase its quarterly dividend to 85 cents a share, from the current 77.5 cents a share, beginning with its third-quarter dividend. The bank also said that its board reauthorized a multi-year share buyback program of up to $20 billion, without an expiration date, beginning in the third quarter.“The results of the Federal Reserve’s stress test demonstrate the durability of our transformed business model.
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