JPMorgan also said it would raise its quarterly dividend by 6 cents to 56 cents a share, effective the third quarter of 2017.

“Given the financial strength of the company and the significant capital and liquidity advancements we have made over the last several years, we are pleased to further increase capital returns to our shareholders while continuing to invest in our businesses for long-term profitability,” Jamie Dimon, Chairman and CEO of JPMorgan Chase said in a release.

Citigroup also announced a $15.6 billion buyback, its biggest ever, according to S&P Global Market Intelligence.

The capital return plan announcements followed the Federal Reserve’s approval of shareholder payout plans from 34 major banks. All firms reviewed passed the second part of the Fed’s annual stress test since it was implemented after the financial crisis.

“The positive implication is the Fed’s looking at capital growth, not just earnings,” said Jeffery Harte, principal at Sandler O’Neill. He said Wednesday’s announcements would likely lead to more share buybacks.