WFC - US Banks Bump Up Dividends Following Fed's Successful Stress Test | Benzinga
Several prominent U.S. banks have declared their intentions to raise their dividends for Q3, following their successful performance in the Federal Reserve’s annual stress test.
What Happened: U.S. banks such as JPMorgan Chase & Co (NYSE:JPM), Bank of America Corp (NYSE:BAC), and Citigroup Inc (NYSE:C) have decided to increase their dividends for the third quarter.
This decision comes in the wake of the banks proving their resilience against severe economic and market disruptions in the Federal Reserve’s yearly health assessment, reports Reuters.
The largest U.S. lender, JPMorgan Chase, has upped its dividend to $1.25 per share from $1.15 and has approved $30 billion in fresh share buybacks, effective July 1. Bank of America and Citigroup have also raised their dividends to 26 cents and 56 cents per share, ...