Banks Hand $100 Billion to Shareholders, Most Since 2021
2 months, 2 weeks ago

Banks Hand $100 Billion to Shareholders, Most Since 2021

Live Mint  

-- After years of hoarding capital amid fears that regulators would come knocking, Wall Street’s biggest banks paid out the most in three years to shareholders in the form of dividends and buybacks. “Given the amount of organic capital generation that we’re producing, it means that, unless we find in the near-term opportunities for organic deployment or otherwise, it means more capital return through buybacks, all else being equal, in order to arrest the growth of the excess, and that is our current plan,” Barnum said on a conference call with analysts. “Given the change in administration and the change of leadership inside the Fed, our expectation would be that there’d be a different approach,” Goldman Sachs Group Inc. Chief Executive Officer David Solomon said on a conference call, capping a year in which his bank returned a record amount of capital to shareholders. “We’ve been increasing the amount of capital return over the last few quarters,” Citigroup CEO Jane Fraser said on her company’s conference call, “and I’m also happy to see a more aggressive Basel III scenario firmly off the table.” More stories like this are available on bloomberg.com

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History of this topic

Buybacks, fund infusions lift equities
1 year, 5 months ago

Buybacks, fund infusions lift equities

China Daily  

Shares may stabilize, unlocking listed firms' true value, boosting recovery The stock buyback and increased holding plans announced on Monday by some listed State-owned enterprises and industry giants will inject more confidence into the A-share market, buoying its performance, experts said on Tuesday. Another seven industry giants, including video surveillance firm Hangzhou Hikvision Digital Technology, China Mobile and chipmaker China …

Citigroup’s next CEO has Herculean task: turning the bank around for real
4 years, 6 months ago

Citigroup’s next CEO has Herculean task: turning the bank around for real

Live Mint  

When Jane Fraser takes the helm of Citigroup Inc in February, she will have some big tasks ahead of her. Citigroup, the third-largest U.S. lender, has struggled for years to convince Wall Street that management's vision of a global bank with a hodgepodge of profitable, if unrelated, businesses will work. Although Fraser's promotion was celebrated on Thursday as a sign …

Big US banks halt stock buybacks, use capital to lend citing customer needs during coronavirus
5 years ago

Big US banks halt stock buybacks, use capital to lend citing customer needs during coronavirus

Firstpost  

The decision follows pressure from some US lawmakers, who last week urged big banks to stop using funds to repurchase shares and instead support customers and the broader economy. New York: The United States’ biggest banks will stop buying back their own shares, and will instead use that capital to lend to individuals and businesses affected by the coronavirus, an …

Stock buybacks are reaching dangerous levels
5 years, 8 months ago

Stock buybacks are reaching dangerous levels

CNN  

New York CNN Business — The US-China trade war might be having a chilling effect on business investment, but it’s not derailing the splurge in share buybacks. “Payout ratios are elevated, cash balances have declined and leverage has risen to a new all-time high,” David Kostin, chief US equity strategist at Goldman Sachs, wrote in a recent note to clients. …

Banks announce billions in share buybacks after Fed approval
5 years, 9 months ago

Banks announce billions in share buybacks after Fed approval

Associated Press  

NEW YORK — The nation’s largest banks are rewarding shareholders by spending tens of billions raising their dividends and buying back stock after getting the green light from the Federal Reserve. The Fed on Thursday said it had approved the capital plans the nation’s 18 largest banks submitted as part of this year’s stress tests. Citigroup said it would buy …

Banks Are Spending Billions To Make Rich People Richer
7 years, 11 months ago

Banks Are Spending Billions To Make Rich People Richer

Huff Post  

Bryan R. Smith/AFP/Getty Images The CEO of America’s largest bank made a startling announcement last week: His company has too much money, and he plans to throw away its profits on rich people. In his annual letter to shareholders, JPMorgan Chase CEO Jamie Dimon boasted about his company buying $25.7 billion of its own stock over the past five years, …

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