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3/16, 12:20 AM (Source: TeleTrader)
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Major US banks suspend share buybacks over COVID-19

The Financial Services Forum, which consists of CEOs of eight major United States banks, announced on Sunday that its members will temporarily suspend their share buybacks until the end of the second quarter in response to the coronavirus.

"The COVID-19 pandemic is an unprecedented challenge for the world and the global economy and the largest U.S. banks have an unquestioned ability and commitment to supporting our customers, clients and the nation," the organization said in a statement.

The Financial Services Forum's members are Bank of America, Bank of New York Mellon, Citigroup, Goldman Sachs, JP Morgan Chase, Morgan Stanley, State Street, and Wells Fargo.

Breaking the News / NP