Nearly all of the largest U.S. banks said Monday that they performed well enough on the Federal Reserve’s most-recent stress test to maintain their current quarterly dividend.
Goldman Sachs, Bank of America, Morgan Stanley, JPMorgan Chase and Citigroup all said they will maintain their current dividend. Wells Fargo said the Fed’s assessment of its business will.
While the nation’s largest banks were quick to drop stock buybacks at the onset of the coronavirus pandemic, the group is often loathe to cut its dividend payments, which are viewed as a steady source of income for investors.
The industry was forced to slash dividends after the 2008 financial crisis and has only slowly built them up since the Fed first allowed banks to raise dividends in 2011. Given the unprecedented stress Covid-19 has put on the American economy, theon the U.S. banking industry.
Here’s what Goldman Sachs, Bank of America, Wells Fargo, Citigroup, JPMorgan and Morgan Stanley said:
- Per-share dividend for quarter ended March…