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Biggest US Banks Boost Payouts in Wake of Fed Stress Test
The biggest US banks took turns announcing higher payouts to investors Friday after easily passing the Federal Reserve’s annual stress test earlier this week. JPMorgan Chase & Co., Goldman Sachs Group Inc. and Bank of America Corp. were among firms that announced the increases two days after the regulator’s review showed that all 31 banks examined would maintain enough capital to withstand a hypothetical economic downturn. Citigroup Inc., Wells Fargo & Co. and Morgan Stanley, as well as several other large lenders, also boosted their dividends. In addition, JPMorgan and Morgan Stanley approved stock ... (full story)