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Many of the nation’s largest banks announced plans Monday to increase shareholder payouts following stress tests that validated the strong performance of industry balance sheets during the pandemic.
Nine of the 12 largest banking holding companies JPMorgan Chase, Bank of America, Wells Fargo, Goldman Sachs, Morgan Stanley, Bank of New York Mellon, PNC Financial Services Group, Truist Financial and U.S. Bancorp all proposed raising their quarterly dividends payments. No. 15, State Street, did the same.
With stock prices at high levels, share buyback proposals were less common, though PNC, BNY Mellon, Morgan Stanley and Wells Fargo unveiled plans to repurchase their stock or increase their buybacks.
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