JPMorgan, Bank of America, Citigroup suspend stock buybacks due to pandemic


(L-R) Michael Corbat, chief govt officer of Citigroup Inc., Jamie Dimon, chief executive officer of JPMorgan Chase & Co., James Gorman, chief executive officer of Morgan Stanley, Brian Moynihan, main government officer of Financial institution of The usa Corp., Ron O’Hanley, president and main govt officer of Condition Road Corp., Charles Scharf, chief government officer of Lender of New York Mellon Corp., and David Solomon, chief executive officer of Goldman Sachs & Co., are sworn in prior to a Home Monetary Services Committee hearing on April 10, 2019 in Washington, DC.

Alex Wroblewski | Getty Pictures

The Money Solutions Forum, which incorporates some of the most significant financial institutions in the United States, announced Sunday that its customers would end stock buybacks by means of the second quarter of the 12 months for the reason that of the coronavirus pandemic. 

The group — which consists of JPMorgan Chase, Financial institution of The us, Citigroup, Morgan Stanley, Wells Fargo, Goldman Sachs and two other financial institutions — explained in a assertion that the pandemic was an “unprecedented obstacle.”

“The COVID-19 pandemic is an unparalleled obstacle for the earth and the world wide overall economy and the greatest U.S. banking companies have an unquestioned skill and commitment to supporting our prospects, shoppers and the nation,” the discussion board said.

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