Bloomberg News

Goldman Sachs Says Fed Didn’t Object to Dividend, Buyback Plan

March 13, 2012

Goldman Sachs Group Inc. (GS), the fifth-biggest U.S. bank by assets, said the Federal Reserve didn’t object to its plan to repurchase common stock and potentially raise the dividend.

Goldman Sachs released a statement today after the Fed published a report showing that the New York-based company would maintain minimum capital ratios even in a severe economic downturn. The Fed’s stress tests measured how the capital position, revenue and profit of the 19 biggest banks would be affected by a recession.

JPMorgan Chase & Co., the biggest U.S. bank by assets, said earlier today that it was raising its dividend and planning to buy back more shares, leading the 24-company KBW Bank Index to its biggest gain since November.

To contact the reporter on this story: Christine Harper in New York at charper@bloomberg.net

To contact the editor responsible for this story: Steve Dickson at sdickson1@bloomberg.net


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