JPMorgan, Wells Fargo raise dividends after sailing through Fed stress tests
2023.06.30 17:10
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© Reuters. FILE PHOTO: A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS/Mike Segar/File Photo
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By Saeed Azhar, Tatiana Bautzer and Nupur Anand
NEW YORK (Reuters) – U.S. banks including JPMorgan Chase & Co (NYSE:) and Wells Fargo (NYSE:) & Co hiked their dividends on Friday after sailing through the Federal Reserve’s annual health check, which showed they have enough capital to weather a severe economic downturn.
JPMorgan, the biggest U.S. bank by assets, intends to increase the quarterly common stock dividend to $1.05 per share, from current $1.00 per share for the third quarter of 2023. Wells Fargo said it will hike its third quarter common stock dividend to $0.35 per share from $0.30 per share.
