Fed extends US bank share buyback ban through March 2021

Washington (AFP) – The Federal Reserve on Friday announced it was extending restrictions on major US banks through the end of the first quarter of 2021 to protect the financial system during the Covid-19 pandemic. “In light of the ongoing economic uncertainty and to preserve the strength of the banking sector, the Board is extending the current restrictions on distributions,” the Fed said in a statement. The central bank earlier this year ordered 34 major US banks to suspend share buybacks in the last two quarters of the year and limit dividend payments. The central bank however slightly modif…

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