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Banks announce billions in share buybacks after Fed approval
Source: Associated Press
Banks announce billions in share buybacks after Fed approval
By KEN SWEET
June 27, 2019
NEW YORK (AP) — The nation’s largest banks are rewarding shareholders by spending tens of billions raising their dividends and buying back stock after getting the green light from the Federal Reserve.
The Fed on Thursday said it had approved the capital plans the nation’s 18 largest banks submitted as part of this year’s stress tests. That means it determined the banks could raise their dividends and buy back more shares this year and still have enough capital to survive a hypothetical deep recession in the next year.
Immediately after the Fed’s announcement, the major banks started unveiling their plans.
-snip-
In total, the Fed expects the nation’s 18 biggest banks to return more than 100% of their expected earnings to shareholders this annual cycle. In another way of putting it, these banks collectively are expected to spend more in dividends and stock repurchases than they expect to make in profit this year.
-snip-
By KEN SWEET
June 27, 2019
NEW YORK (AP) — The nation’s largest banks are rewarding shareholders by spending tens of billions raising their dividends and buying back stock after getting the green light from the Federal Reserve.
The Fed on Thursday said it had approved the capital plans the nation’s 18 largest banks submitted as part of this year’s stress tests. That means it determined the banks could raise their dividends and buy back more shares this year and still have enough capital to survive a hypothetical deep recession in the next year.
Immediately after the Fed’s announcement, the major banks started unveiling their plans.
-snip-
In total, the Fed expects the nation’s 18 biggest banks to return more than 100% of their expected earnings to shareholders this annual cycle. In another way of putting it, these banks collectively are expected to spend more in dividends and stock repurchases than they expect to make in profit this year.
-snip-
Read more: https://apnews.com/bdc1d0cf5f2546558860767d48f371e7
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