Largest US banks spend a record $33bn on share buybacks
Summary
The six biggest US banks spent a record $33bn on share buybacks in Q1 2026 — 30 to 50% above analyst forecasts. JPMorgan ($8.33bn), Goldman Sachs ($5bn) and Citi ($6.3bn) all posted record repurchases, while Bank of America ($7.2bn) and Morgan Stanley ($1.75bn) hit multi-year highs. The surge reflects the Trump administration's deregulatory push, including a planned 5% cut in capital requirements for the biggest lenders.
Delfineo's Take
Two forces are converging: deregulation is freeing up capital, and Iran-war-driven market volatility is boosting trading profits. The result is the biggest shareholder payout since the 2008 crisis. But Goldman's equity-to-risk-weighted-assets ratio just dropped to its lowest since 2020 — the cushion protecting depositors is being deliberately thinned. Dimon's reluctance to buy back more ('I'd rather buy back stock when we think it's a real discount') is the dissenting voice worth listening to.