

Top US banks’ buyback freeze to bolster capital above $30bn
The eight systemic US banks planned to buy back $58 billion of their own shares in the first half of this year. But, on March 15, they jointly announced that all purchases would stop and the saved capital be used to support an economy reeling from the effects of the coronavirus.
This means roughly $34 billion could be switched from payouts to lending, assuming the planned buybacks were to be spread evenly over the first six months of 2020 – equivalent to about 4% of aggregate Common Equity Tier
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