(L-R)
Brian
Moynihan,
Chairman
and
CEO
of
Bank
of
America;
Jamie
Dimon,
Chairman
and
CEO
of
JPMorgan
Chase;
and
Jane
Fraser,
CEO
of
Citigroup;
testify
during
a
Senate
Banking
Committee
hearing
at
the
Hart
Senate
Office
Building
in
Washington,
D.C.,
on
Dec.
6,
2023.
Saul
Loeb
|
Afp
|
Getty
Images
JPMorgan
Chase
and
Morgan
Stanley
said
Friday
that
they
were
boosting
both
dividend
payouts
and
share
repurchases,
while
rivals
Citigroup
and
Bank
of
America
made
more
modest
announcements.
JPMorgan,
the
biggest
U.S.
bank
by
assets,
said
it
was
raising
its
quarterly
dividend
8.7%
to
$1.25
per
share
and
that
it
authorized
a
new
$30
billion
share
repurchase
program.
Morgan
Stanley,
a
dominant
player
in
wealth
management,
said
it
was
boosting
its
dividend
8.8%
to
92.5
cents
per
share
and
authorized
a
$20
billion
repurchase
plan.
Citigroup
said
it
was
raising
its
dividend
5.7%
to
56
cents
per
share
and
that
it
would
“continue
to
assess
share
repurchases”
on
a
quarterly
basis.
Bank
of
America
said
it
was
increasing
its
dividend
8%
to
26
cents
per
share.
Its
release
made
no
mention
of
share
repurchases.
The
big
banks
announced
their
plans
to
boost
capital
return
to
shareholders
after
passing
the
annual
stress
test
administered
by
the
Federal
Reserve
this
week.
While
all
31
banks
in
this
year’s
exam
showed
regulators
they
could
withstand
a
severe
hypothetical
recession,
JPMorgan
said
Wednesday
that
it
could
have
higher
losses
than
the
Fed
initially
found.
Still,
that
would
not
affect
its
capital-return
plan,
the
New
York-based
bank
said
Friday.
“The
strength
of
our
company
allows
us
to
continually
invest
in
building
our
businesses
for
the
future,
pay
a
sustainable
dividend,
and
return
any
remaining
excess
capital
to
our
shareholders
as
we
see
fit,”
JPMorgan
CEO
Jamie
Dimon
said
in
his
company’s
release.
JPMorgan’s
dividend
increase
was
its
second
this
year,
Dimon
noted.
