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Goldman Offers Buyback, Dividend Details
Goldman Offers Buyback, Dividend Details

Goldman Offers Buyback, Dividend Details

Goldman Offers Buyback, Dividend Details

Goldman Sachs Group Inc offered investors a window into its capital plans for the first time, detailing the bank’s regulatory allowances for buybacks and dividends on Tuesday, Reuters reported. The US Federal Reserve granted Goldman permission this year to spend $8.7 billion repurchasing shares from investors, and to raise its quarterly dividend by 5 cents per share, by the middle of next year, Chief Financial Officer R. Martin Chavez said on an earnings conference call. Major banking rivals announced their own capital plans in June after passing the Fed’s annual stress test, but Goldman has historically kept its plans private. The new buyback and dividend disclosures are part of a broader strategy to disclose more to investors, who were frustrated by a lack of clarity into the bank’s business plans. Last month, management announced a $5 billion revenue growth plan to give investors “a sense of what’s happening under the hood,” Chief Operating Officer Harvey Schwartz said at the time.

 

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