Business

Fed Caps Big Banks’ Dividends, Halts Share Buybacks in Fourth Quarter

Fed Caps Big Banks’ Dividends, Halts Share Buybacks in Fourth Quarter

WASHINGTON—The biggest U.S. banks will face restrictions on dividends and share buybacks for another three months, the Federal Reserve said Wednesday, citing the need to conserve capital during the coronavirus-induced downturn.

The Fed said it would maintain prohibitions on share buybacks and a cap on dividend payments by 33 banks with more than $100 billion in assets until the end of year. The restrictions, imposed for the third quarter, were due to expire Wednesday.

The…

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