6/28/2021, 11:11 PM (Source: TeleTrader)
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Goldman Sachs, BoA raise quarterly dividends

The Goldman Sachs Group Inc. and Bank of America Corp. announced on Monday that they are increasing their quarterly common stock dividends following the Federal Reserve's stress test review.

Goldman Sachs stated it will raise its dividend from $1.25 to $2 per share, pending board approval at its third-quarter meeting. "The planned increase in our dividend demonstrates our confidence in the increasing durability of our franchise revenues and is consistent with our capital management framework of prioritizing investment in our client franchise and returning excess capital to shareholders," said Goldman CEO David Solomon.

Meanwhile, Bank of America said it will increase its dividend by 17% to $0.21 per share, beginning in the third quarter of 2021. "Our decade-long focus on responsible growth has put us in a strong position to support consumers, businesses and communities while delivering for shareholders," stated Bank of America CEO Brian Moynihan.

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