Morgan Stanley is doubling its dividend and buying back up to $12 billion of stock
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Morgan Stanley is doubling its quarterly dividend from 35 cents a share to 70 cents a share, and buying back up to $12 billion of stock, the company announced Monday.
The powerful Wall Street bank "has accumulated significant excess capital over the past several years" Morgan Stanley chairman and CEO James Gorman said in a statement. He added that the bank "now has one of the largest capital buffers in the industry." While other banks, including Bank of America (BAC), Wells Fargo (CBEAX) and JPMorgan Chase (JPM), also raised their dividends, Morgan Stanley's (MS) 100% increase appeared to be the the largest among the major banks so far.
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