JPMorgan Increases Dividend; Goldman Sachs to Repay Buffett
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JPMorgan Chase & Co. and Wells Fargo & Co. increased dividends and authorized share buybacks after the Federal Reserve reviewed the ability of the largest U.S. lenders to withstand another economic slump. Bank stocks rallied in New York trading.
JPMorgan raised its quarterly payout to 25 cents a share from 5 cents and authorized a $15 billion stock repurchase. Wells Fargo authorized the repurchase of 200 million shares and a special dividend of 7 cents, which will raise the first-quarter payout to 12 cents. Goldman Sachs Group Inc. said it got permission to buy back $5 billion of preferred stock sold to Warren Buffett’s Berkshire Hathaway Inc. in 2008.