US banking giants Bank of America, Citigroup, Morgan Stanley and JPMorgan announced plans on Friday to return excess capital to shareholders through increased dividend payouts and hinted at substantial future stock buybacks after passing the Federal Reserve’s annual stress tests last week.
According to regulatory filings, JPMorgan, the largest US lender, increased its dividend by almost 9 per cent to $1.25 per share from $1.15 and authorised $30bn in new share buybacks starting July 1.
