U.K. Banks Scrap Dividends, Buybacks After Regulator Push
- Five major banks had declared 7.5 billion pounds in dividends
- Move follows European peers as regulators urge restraint
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U.K. banks, including HSBC Holdings Plc, agreed to scrap dividends and buybacks this year after the regulator pushed to contain spending to shareholders as the coronavirus pandemic upends the industry.
HSBC, Royal Bank of Scotland Group Plc, Standard Chartered Plc, Barclays Plc and Lloyds Banking Group Plc axed their outstanding 2019 dividends and said there would be no payments in 2020 in similar announcements late Tuesday. They also agreed to suspend any buybacks.