A combination file photo shows Wells Fargo, Citibank, Morgan Stanley, JPMorgan Chase, Bank of America and Goldman Sachs.
Reuters
Big banks that aced the Federal Reserve’s annual stress tests last week began to announce bumps to their dividend programs.
Bank of America said Monday that it was raising its quarterly dividend by 5% to 22 cents per share. Morgan Stanley said it was raising the payout 11% to 77.5 cents per share.
This story is developing. Please check back for updates.
While all 34 banks involved in the Fed’s stress tests passed last week, analysts said that some larger institutions would be restricted from boosting dividends.