James Gorman, chairman and chief executive officer of Morgan Stanley, speaks during a Bloomberg Television interview in Beijing, China, May 30, 2019.
Giulia Marchi | Bloomberg | Getty Images
(This is a breaking story. Check back for updates.)
Morgan Stanley, the Wall Street powerhouse, doubled its quarterly dividend and announced a new $12 billion stock repurchase plan.
The bank said Monday in a press release that its dividend will jump to 70 cents a share starting in the third quarter, and it would buy up to $12 billion of its own stock through June 2022. Shares of Morgan Stanley popped almost 4% in after-hours trading.
“Morgan Stanley has accumulated significant excess capital over the past…