Eight giant U.S. banks including JPMorgan Chase and Bank of America agreed to stop buying back their own shares through the second quarter, saying they will focus on supporting clients and the nation during the coronavirus pandemic.
"The decision on buybacks is consistent with our collective objective to use our significant capital and liquidity to provide maximum support to individuals, small businesses and the broader economy through lending and other important services," the Financial Services Forum said in a statement Sunday. "Each member institution retains the ability to reinstate its buyback program as soon as circumstances warrant."
The trade association brings together the chief executive officers of eight firms U.S. regulators consider most important to the financial system. The other member firms are Citigroup, Wells Fargo, Goldman Sachs, Morgan Stanley, Bank of New York Mellon and State Street.
