JPMorgan, Wells Fargo boost dividends after Fed tests |
| Reuters - Mar 18, 2011 |
JPMorgan Chase & Co, Wells Fargo & Co and other large U.S. banks announced plans to boost their dividend payments after passing the Federal Reserve's second round of stress tests.
The announcements came minutes after the central bank said it would allow some of the 19 largest U.S. banks to use some of their massive capital cushions to buy back shares, repay capital to the government and boost dividend payments.
"The return of capital to shareholders under appropriate conditions is a step in the process of improvement in the financial sector and will help to promote banks' long-term access to capital," the central bank said in a statement.
Improvements in economic conditions and cash positions at the largest financial institutions have convinced the Fed that some of the largest banks can start to reduce capital cushions built up in response to the financial crisis.
Read Full Article from Reuters
- Posted: 2011-03-18 11:14:49
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