U.S. Bancorp (NYSE: USB) announced today that it will temporarily suspend its share buyback program for the remaining period of the first quarter and second quarter of 2020.
The COVID-19 pandemic is an unprecedented challenge for customers, employees and the global economy. This action is being taken to support the efforts that the Federal Reserve is taking to moderate the impact of COVID-19 on the economy and global markets by maintaining strong capital levels and liquidity to support customers, employees and shareholders.
U.S. Bancorp has the ability to reinstate the buyback program as circumstances warrant. It has consistently passed the Federal Reserve's annual stress tests, demonstrating an ability – along with the banking industry – to continue lending and supporting the economy even during a severe economic downturn.