Wall Street Set for $11 Billion in Buybacks on Fed Decision
- Shares climb in early trading after Fed’s vote of confidence
- Payouts to shareholders could triple from top six banks
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The six biggest U.S. banks will be able to buy back as much as $11 billion of their own shares in the first quarter of next year after the Federal Reserve gave lenders the green light to resume purchases.
Bank stocks climbed after the central bank’s show of confidence, even as U.S. equity futures pointed to sharp losses for the broader market. JPMorgan Chase & Co. jumped 4.6%, Citigroup Inc. added 3.7% and Goldman Sachs Group Inc. advanced 3.2% in early New York trading.