Fed tells JPMorgan, Goldman to improve capital plans

In a blow to two major Wall Street banks, the Federal Reserve told Goldman Sachs and JPMorgan Chase that they must fix flaws in how they determine capital payouts to shareholders, but still approved their plans for share buybacks and dividends.

The Fed said JPMorgan and Goldman would have to submit new plans by the end of the third quarter. A senior central bank official declined to identify specific problems.

via Business feed http://www.scmp.com/business/banking-finance/article/1191354/fed-tells-jpmorgan-goldman-improve-capital-plans