JPMorgan announces $50 billion buyback after Fed stress test

JPMorgan Chase said it will launch a new $50 billion share repurchase program and increase its quarterly dividend after passing the Federal Reserve’s annual stress test. The bank plans to raise its dividend 10% to $1.65 per share, pending board approval, with the buyback set to begin on July 1. Goldman Sachs also announced a higher payout, saying its quarterly dividend will increase 11% to $5 per share. The firm pointed to its earnings strength and capital position. Wells Fargo and Morgan Stanley also said they plan to raise dividends, and Morgan Stanley renewed a $20 billion buyback program. The Fed’s stress test showed all 32 major banks stayed above minimum capital requirements in a severe recession scenario. This year’s results will not change capital requirements while regulators continue to review the testing framework.