JPMorgan launches $50 billion buyback after Fed bank stress test
What's new: Goldman, Wells Fargo and Morgan Stanley also lifted payouts after all 32 large banks cleared the Fed review.
JPMorgan Chase authorized a $50 billion share repurchase program and lifted its quarterly dividend 10% to $1.65 a share after the Federal Reserve found large U.S. banks remained well capitalized in its annual stress test. Goldman Sachs raised its quarterly dividend 11% to $5 a share. Wells Fargo said it expects to increase its payout 11% to 50 cents a share, while Morgan Stanley raised its dividend 15% to $1.15 and renewed a $20 billion buyback plan. The Fed said all 32 large banks stayed above minimum capital requirements even under a hypothetical recession that would produce more than $708 billion in industry losses.