Approves capital plans of 14 of the 18 large banksThe Federal Reserve System (Fed) has ordered Goldman Sachs and JPMorgan Chase to revise their capital plans by the end of the third quarter of 2013, as it found weaknesses in their procedures. The Fed unconditionally approved share buyback and dividend payout plans of 14 of the 18 large banks. However, it blocked capital plans of Ally Financial and BB&T. For the first time since the 2008 financial crisis, Fed allowed Bank of America (BofA) and Citigroup to launch buyback programmes and approved payout plan of American Express after it ... Read More