Close Call for Some Banks as the Fed Finishes Stress Tests
The dividend and stock-buyback plans of all 34 of the country's biggest banks won approval from the Federal Reserve, but it was a close call for some.
Capital One Financial Corp. (COF) - Get Report was asked to resubmit its proposal to address "weaknesses" in its planning process. A number of other big banks came close to failing a new test that considers its balance-sheet assets as well as its off-balance sheet exposures, including Goldman Sachs Group Inc. (GS) - Get Report , Morgan Stanley (MS) - Get Report , State Street Corp. (STT) - Get Report and JPMorgan Chase & Co. (JPM) - Get Report .
The ruling from the Fed means the banks can raise dividends and buy back shares. Bank of America Corp. (BAC) - Get Report , for instance, won approval to boost its annual dividend to 48 cents a share.
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