: Wells Fargo hikes dividend more than other banks but banks hit pause button on stock buyback plans

J.P. Morgan analysts on Monday said Wells Fargo & Co.’s WFC 17% dividend hike outpaced other banks in a flurry of dividend updates from the U.S.’s largest banks, but it was still less than expected. Late Friday, Bank of New York Mellon BK hiked its dividend by 13.5% and State Street STT increased its dividend by 9.5%, while Citi C and JP Morgan Chase JPM increased dividends by 4% to 5% each. It was the first dividend increase at Citi in four years. Northern Trust NTRS and Truist Financial TFC did not raise dividends. Citizens Financial CFG and US Bancorp USB did not comment on any potential dividend increases. Goldman Sachs GS and Morgan Stanley MS increased dividends by 9% to 10%. Lenders are holding off on any new stock repurchase plans as they await further direction from regulators on capital requirements, analysts noted.

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