Wells Fargo, JPMorgan Boost Payouts After Fed Tests
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Bank of America Corp., Wells Fargo & Co. and American Express Co. boosted dividends or buybacks after passing U.S. tests of their financial health as banks push to regain luster lost since the 2008 credit crisis.
JPMorgan Chase & Co., Citigroup Inc. and Capital One Financial Corp. also were among lenders that said they’ll boost quarterly dividends or expand stock buybacks minutes after the Federal Reserve approved capital plans yesterday for 16 of the 18 largest U.S. banks. The buybacks total more than $20 billion while the dividend increases amount to more than $3.5 billion on an annual basis, data compiled by Bloomberg show.