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Stock impact report

Protect Banks, Not Their Shareholders [Yahoo! Finance News]

Wells Fargo & Company (WFC) 
Last wells fargo & company earnings: 4/14 07:46 am Check Earnings Report
US:NYSE Investor Relations: wellsfargo.com/about/investor-relations
Opinion) -- The U.S. Federal Reserve has made full use of its emergency arsenal to keep the financial system operating amid the coronavirus crisis. Its extraordinary efforts have helped keep credit flowing to households and businesses in desperate need.Yet even as the Fed spares no effort, the largest U.S. banks are failing to take their own emergency measures. Most notably, they are continuing to pay dividends, depleting the loss-absorbing capital they need to weather the crisis. If they lack the will to act prudently, Congress should consider a better solution, and soon.To be fair, the eight largest U.S. banks have come together to pause share buybacks, another sort of capital-eroding payment to shareholders. But if these banks keep paying dividends at 2019 levels, they will still redirect more than $40 billion to shareholders this year alone. If they resume buybacks in the second half of this year, that will be another $50 billion. And if other systemically important U.S. banks mai Show less Read more
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