Here We Go Again: Banks Plan Buybacks

“We have so much capital, we cannot use it,” Jamie Dimon of JPMorgan quipped to investors. The bank’s cash pile has doubled over the past year, to more than $500 billion. It’s a similar story at other banks, and now that they’ve been cleared by regulators to resume share buybacks, “we’re going to be aggressively buying back, and consistently,” said James Gorman, Morgan Stanley’s C.E.O. Analysts polled by FactSet expect the six largest banks to buy back nearly $70 billion in shares this year, up from $18 billion last year.

Big Banks’ Earnings Reflect the U.S. Economy Joe Biden Is Inheriting – The New York Times

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