Post annual CCAR banks win approval for 10s of $Bs of capital redistribution; some pretty big amounts here:
JPMorgan JPM, +2.72% , the nation’s largest bank by assets, said it plans to buy back $29.4 billion in shares this cycle. It would also increase its dividend 12.5% to 90 cents a share. In total, JPMorgan would return roughly $40 billion to shareholders through dividends and stock repurchases over the next year.
Wells Fargo WFC, +2.23% announced plans to buy back $23.1 billion in stock the next year and increase its dividend 13.3% to 51 cents a share. The bank remains under investigation by state and federal authorities for abusive banking practices.
Citigroup C, +2.76% said it would buy back $17.1 billion in stock next year and also plans to increase its dividend to 13.3% to 51 cents a share.
I'd assume BofA will do something similar to these other 3 of the big 4.
System was still able to increase bank credit YoY by about $750B to about $13.5T even with these amounts of distributions due to the current perhaps unprecedented YoY increase in fiscal flow of over 7%.
About a 6% YoY increase in bank credit; not too shabby even with the moron induced chaos in bank reserve asset policy wildly fluctuating by +/- $300B over short periods throughout the year.
* Banks reward shareholders with billions in buybacks, dividend hikes after Fed approval MarketWatch * Credit Suisse is the sole bank tripped up by Fed stress test as rest get approval to boost payouts CNBC * Banks announce billions in share buybacks… https://t.co/iHHG2rVHof— Bemidji Minnesota (@BemidjiMinneso) June 28, 2019
