NEW YORK: Questions are building about whether big US banks will have to cut dividends later this year as the coronavirus crisis puts a record portion of Americans out of work, making it difficult for borrowers to pay back loans.
"One of the most important variables that will determine whether banks have adequate capital to maintain dividends is the extent to which consumers draw down on outstanding credit-card lines," Goldman Sachs bank analyst Richard Ramsden said in a report on Thursday. However, nearly 10 million Americans have filed jobless claims as the coronavirus has shut down retail stores, restaurants and other businesses deemed"non-essential" across the country.
Although major US banks already halted share repurchases through June to conserve capital, they face political pressure from Democratic lawmakers, prominent former regulators and some economic commentators to cut dividends as well. Goldman Sachs Group Inc CEO David Solomon and Morgan Stanley CEO James Gorman made similar statements in television interviews this week.
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