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Banks Band Together in Stock Buyback Freeze

TheMotleyFool 
0 0 16.03.20
Banks Band Together in Stock Buyback FreezePhoto, wide shot, wide-angle lens, Bank, Midday, harsh overhead sunlight, directional sunlightt, photo by Thomas Heaton: https://img.theapi.app/temp/094456a7-d529-4ef2-b536-c031f2afd618.png
 

Just after the Federal Reserve announced it's cutting interest rates to zero, the eight-member group that makes up the Financial Services Forum put out a statement that it will suspend stock buybacks through the second quarter of 2020.

The banks that are part of the forum are Bank of America (NYSE: BAC), Bank of New York Mellon (NYSE: BK), Citigroup (NYSE: C), Goldman Sachs (NYSE: GS), JPMorgan Chase (NYSE: JPM), Morgan Stanley (NYSE: MS), State Street (NYSE: STT), and Wells Fargo (NYSE: WFC).

Image source: Getty Images.

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Source Fool.com

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