The industry halted repurchases in March at the onset of the pandemic, and the Fed has capped dividends for most institutions, adopting a new formula for the payouts.
said that his bank should be able to boost its dividend and resume stock buybacks next year.
"Yeah, we need to do something with it," Gorman said, citing investments in technology and growth in his retail and institutional businesses. "We also should increase our dividend and we should be back on the buyback trail. Not just yet, let's get through the new stress test in September, let's see how the economy performs in the next three to six months."
Of course, it is the Federal Reserve that ultimately dictates whether institutions can raise dividends and resume buybacks. The industry halted repurchases in March at the onset of the pandemic, and thefor most institutions, adopting a new formula for the payouts. Morgan Stanley pays a 35 cent quarterly dividend.
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