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JPMorgan And Other Major Banks Suspend Share Buybacks Amid Coronavirus Pandemic

The Financial Services Forum, which represents eight of the nation's largest banks, said that its members have suspended share buybacks through the second quarter of 2020 due to the coronavirus pandemic.

"The decision on buybacks is consistent with our collective objective to use our significant capital and liquidity to provide maximum support to individuals, small businesses, and the broader economy through lending and other important services. The decision is consistent with actions by the Federal Reserve, the administration, and the Congress," Forum said in a statement.

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

Separately, JPMorgan Chase confirmed it has suspending stock repurchases at this time. But, it will not change its dividend policy.

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