Nearly all of the largest U.S. banks said Monday that they performed well enough on the Federal Reserve’s most-recent stress test to maintain their current quarterly dividend.
Goldman Sachs, Bank of America, Morgan Stanley, JPMorgan Chase and Citigroup all said they will maintain their current dividend. Wells Fargo said the Fed’s assessment of its business will warrant a reduction to its quarterly payout.
While the nation’s largest banks were quick to drop stock buybacks at the onset of the coronavirus pandemic, the group is often loathe to cut its dividend payments, which are viewed as a steady source of income for investors.
The industry was forced to slash dividends after the 2008…