The biggest U.S. banks put share buybacks on hold Sunday and pledged to put their capital to use helping consumers and businesses struggling with the rapid economic slowdown caused by the novel coronavirus outbreak. The Financial Services Forum, which represents the biggest U.S. lenders and custody banks, announced the decision to suspend buybacks after the Federal Reserve cut its benchmark interest rate to near zero and took steps to prevent market disruptions and keep money flowing through the financial system.

Source: Wall Street Journal March 15, 2020 23:37 UTC