77.4 F
Fort Worth
Thursday, October 1, 2020
- Advertisements -
Banking Banks get a boost

Banks get a boost

Other News

Exxon’s oil slick

Exxon Mobil is slashing its capital spending budget for 2020 by 30% due to weak demand caused by the COVID-19 pandemic and a market...

Folk music’s Mark Twain: 7 Essential tracks from John Prine,

NEW YORK (AP) — Some people, the songs just come out of them. For nearly half a century, they tumbled out of John Prine...

Tarrant County records another COVID-19 death

Tarrant County Public Health (TCPH) on Wednesday, April 8 reported that a resident of Euless has died as the result of the COVID-19 virus....

Tradition stymied: A year unlike any since WWII for Augusta

The Masters is so intertwined with Augusta, they added an extra day to spring break.You see, the first full week of April isn't just...

Banks got a big boost last week from the Federal Reserve, which gave the go-ahead to the nation’s biggest banks to buy back more of their stock and pay out more to investors. The Fed announced the results of this year’s so-called stress tests last week, which showed that JPMorgan, Wells Fargo and the other 16 banks tested have enough capital to withstand a sharp recession without collapsing. To pass the Fed’s tests, each of the banks had to submit its plans to return profits to shareholders via higher

dividends and stock buybacks. The tests are a consequence of the 2008 financial crisis. JPMorgan Chase announced it would buy back a massive $30 billion in stock this year, and would spend $10 billion on dividends. Bank of America and Wells Fargo announced similar plans. In total, banks are returning more than 100% of their expected 2019-2020 profits to shareholders. The KBW Bank Index, a gauge of the 24 largest banks’ share prices, jumped nearly 2% the day after the results were announced. It climbed an additional 1% the next day.

- Advertisements -
- Advertisements -

Latest News

Southside Bancshares rings NASDAQ bell

Southside Bancshares Inc. (Nasdaq: SBSI), the holding company of Southside Bank, rang the Nasdaq Opening Bell on Sept. 28, 2020 from 8:15...

$1.2B bank acquisition impacts North Texas market

First Mid Bancshares Inc. (NASDAQ: FMBH) and LINCO Bancshares Inc. announced Sept. 28 that First Mid will acquire LINCO, the holding company...

NBC Oklahoma names new vice chairman with Fort Worth roots

NBC Oklahoma has named a new vice chairman, Gabe Gilliam. Gilliam has served on the Holding Company Board for NBC Oklahoma for...

Insider Q&A: Accenture directs capital to Black start-ups

By ALEXANDRA OLSON AP Business WriterNEW YORK (AP) —Kathryn Ross was one of just two Black women in Accenture's Miami office when...

Initial public offerings to debut next week include sporty Texas offering

NEW YORK (AP) — The following is a list of initial public offerings planned for the coming week. Sources include IPO ETF...