Bank / Credit Union
Big US banks pass stress tests, will increase dividends
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July 1, 2024
Multiple big U.S. banks passed their annual stress tests with the Federal Reserve, which show they have enough capital to withstand major market upsets. As a result, several plan to deliver higher dividends for the third quarter of 2024, according to a report by Reuters.
The following banks announced dividend increases:
- JPMorgan $1.25 up from $1.15.
- Bank of America 26 cents up from 24 cents.
- Citigroup 56 cents up from 53 cents.
- Wells Fargo 40 cents up from 35 cents.
- Goldman Sachs $3 up from $2.75.
- Morgan Stanley 92.5 cents up from 85 cents.
The Federal Reserve tested 31 big banks this year, compared to 23 in 2023. The test looked at if the bank's capital could cover major unemployment, market volatility and dips in mortgage markets.
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