The Federal Reserve says all 34 banks passed the stress tests and approved plans to use extra capital for stock buybacks and boosts to dividends.
Since that announcement its been a bit of a scramble from the banks to announce dividend and buyback hikes ...
Bank of America:
- Plans to buy back $12bn of shares
Citigroup:
- To buy back up to $15.6bn in shares (huge buyback)
- Jack up the dividend to 32c/share
JP Morgan
- To buy back up to $19.4bn in shares (huge buyback - largest ever ... "In your face, Citi!")
- Divvy boost to 56c/share
Morgan Stanley:
- $5bn share buyback
- Divvy hike by 25% (from 20 cents to 25 cents)
