Goldman Sachs and Wells Fargo tumble after the Fed caps dividends and bans buybacks

REUTERS/Danny Moloshok Bank stocks tumbled on Friday after the Federal Reserve capped dividends and banned stock buybacks until at least the end of the third quarter. Goldman Sachs and Wells Fargo were down more than 5%, while Bank of America, JPMorgan, and Citibank slid between 3.9% and 4.4%. The Fed rolled out the restrictions to preserve the banks' capital in case the coronavirus pandemic worsens. Visit Business Insider's homepage for more stories. Bank stocks slumped on Friday after the Fede...