New York

THE Federal Reserve told big banks they have more than enough capital, and they promptly announced a windfall for their shareholders.

JPMorgan Chase & Co, Citigroup Inc and Bank of America Corp led US firms in unveiling plans to boost dividends and stock buybacks more than analysts had projected, after every lender passed annual stress tests for the first time since the Fed began the reviews in the wake of the 2008 financial crisis. Shares across the industry rallied in late trading.