Fed approves capital plans of 34 national, regional banks
Jun 30, 2017, 00:28
On Wednesday, the Fed said those lenders, including household names like JPMorgan Chase & Co (JPM.N) and Bank of America Corp (BAC.N), had passed the second, tougher part of its annual stress test.
Citigroup Inc (C.N) won a particularly notable victory, gaining permission to return almost US$19 billion to shareholders, or about 125 per cent of projected earnings over the next four quarters - a big bump from previous year, and more than analysts had expected.
European shares steadied on Thursday as banks extended a winning streak after the U.S. Federal Reserve cleared capital return plans from big banks, off-setting losses among utilities and construction stocks.
It's official: The On average, the group of firms taking part in the stress tests requested payouts that are near 100% of their expected earnings over the next year, up from 65% last year, senior Fed officials said.
As a result, most major banks, including Wells Fargo, Bank of America, SunTrust Banks, JPMorgan, American Express, and Discover Financial Services are raising their dividends.
Beth E. Mooney, Key's Chairman and Chief Executive Officer, stated, "We are pleased to share our CCAR capital plan, which is consistent with our commitment to maintain a strong capital position, while continuing to invest and deploy capital to build long term value for our shareholders".
"Banking stocks jumped after regulators in the United States gave the green light to higher dividends and buybacks, whilst the hint of a shift in tone from central bankers towards tightening is spurring hopes of higher interest rates again", ETX Capital analyst Neil Wilson said in a note.
The Fed can reject a bank's capital plan for either reason. Morgan Stanley shares were up 0.3 percent.
As they await this week's stress test results, U.S. banks face a dilemma their European counterparts can only dream of: what to do with a pile of excess cash?
As for scandal-plagued Wells Fargo, Sandler O'Neill's principal Jeffery J. Harte said there's a "fairly high likelihood" the Fed will object to the firm's request for higher capital return.
Goldman Sachs did not give details on its plan to return capital to shareholders.
Powell, the Fed's interim regulatory czar, told Senate lawmakers last week if the country's largest banks continue to meet regulators expectations, it would be "appropriate" to remove the subjective aspect of the yearly test altogether. Our plans also include an increase in our common share repurchase authorization. The Wall Street Journal first pointed out the potential change Wednesday.
USA stock index futures were little changed on Thursday, a day after the benchmark S&P 500 index scored its biggest one-day percentage gain in about two months, as investors awaited GDP and jobs data. Analysts expect financial firms will benefit the most from the Trump administration's proposed tax reform and deregulation, as well as the Fed's plans to raise interest rates.
Investigators released photos of Spence and his vehicle - a 2015 silver Nissan Sentra with the license plate number 7XUX293. Although there are no reports of similar crimes, Hayes noted that many sex assault victims do not report being attacked.
You then select the rider's name from your phone's contact list, enter the chosen destination, and request for their ride. When you choose the person and approve of the ride, a text will be sent to the rider notifying them about the trip.
Mika is out of the intensive care unit and appeared to be in good spirits during a visit with Nationals outfielder Jayson Werth. On Wednesday, the hospital said Scalise had been upgraded to fair condition and was showing signs of improvement.
Rahane did not make the India team for the recent Champions Trophy in England, but he grabbed his chance to impress the selectors. Poonam Yadav led the way with 2-17 off her 10 overs and at 121-7, the World T20 champions looked set to be bowled out cheaply.
In a tearful video message , his wife, Liu Xia, suggested that treatment was either no longer possible, or simply not on offer. Shortly after the award, Mr Liu's wife, Liu Xia , was placed under house arrest , isolated from family and supporters.
Investigators have uncovered stunning levels of corruption in recent years engulfing Brazil's political class and business elites. Police have also confirmed the authenticity of the recordings, which Temer insists have been tampered with.
He revealed that streaming on Xbox One X is limited to 720p/1080p at 60 fps since 4K requires a lot of bandwidth. According to Phil Spencer many of these games will be enhanced and remastered to run on 4K graphics.
In Race 5, Spithill crossed the starting line a split second too soon and had to drop two lengths behind Team New Zealand. That was enough for Burling to speed away around the seven-leg course for a 49-second victory.
Mainstream media outlets have blasted Trump for "colluding" with Russian Federation during the 2016 election campaign. Bush. " A leak on what we've been exactly discussing, by the way, happened again on the American side ", Lavrov said.
He said he was pleaded with the turnout in the city. "To everyone who serves, or has served, the rail industry salutes you". Over 300 events including parades, military displays and community fetes will take place on Saturday.