Major Banks Said to Get Fed Approval to Return Capital
Bloomberg reported that Citigroup won approval from the Federal Reserve for its plan to return capital to shareholders.
Bloomberg noted that Morgan Stanley, Goldman Sachs and JPMorgan Chase also got Fed approval while Bank of America got a conditional pass requiring it to resubmit its plan.
Bloomberg said the results are the annual exam’s second and final round, determining whether firms can withstand losses and still pay dividends, buy back stock or make acquisitions.
To read the entire Bloomberg report, click here.