All 32 U.S. Banks Pass Fed Stress Test; JPMorgan Raises Dividend, Authorizes $50B Buyback on June 24

According to the Federal Reserve, all 32 major U.S. banks passed the annual stress test on June 24, demonstrating sufficient capital to withstand severe economic recession. JPMorgan Chase increased its quarterly common dividend from $1.50 to $1.65 per share starting Q3, and authorized a $50 billion share repurchase program effective July 1. Goldman Sachs raised its quarterly dividend from $4.50 to $5.00 per share, Wells Fargo increased Q3 dividend from 45 cents to 50 cents, and Morgan Stanley boosted its quarterly dividend from $1.00 to $1.15 per share while reauthorizing a $20 billion stock buyback plan. Bank of America said it would announce its next dividend policy following its July board meeting, with approximately $23 billion in existing buyback authorization remaining as of end-March.
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