JPMorgan, Wells Fargo, American Express, Citi report dividend boosts, buybacks
- The Federal Reserve didn't object to 34 banks' plans to return capital to shareholders. Here are some of the biggest banks' plans:
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JPMorgan (NYSE:JPM) plans to boost quarterly stock dividend to 80 cents a share from 56 cents and has authorized gross common equity repurchases of up to $20.7B from July 1, 2018 to June 30, 2019.
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Wells Fargo (WFC) expects to increase third quarter dividend to 43 cents a share from 39 cents. It also plans stock buybacks of up to $24.5B, compared with $11.5B in the 2017 capital plan.
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American Express (AXP) plans boosting quarterly dividend to 39 cents a share and to repurchase up to $3.4B of common shares; the plan allows to buy back $1.6B of common shares in 2018 and $1.9B in H1 2019.
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Citigroup (C) plans to increase quarterly stock dividend to 45 cents a share from 32 cents, and buy back up to $17.6B over four quarters.
- Previously: Federal Reserve objects to Deutsche Bank USA's capital return plan (June 28)