Jim Cramer on Big Banks raising dividends after passing Fed stress tests

Many of the nation’s biggest banks are raising their dividends after passing the Federal Reserve stress tests. Morgan Stanley and Wells Fargo doubled their payouts while Goldman Sachs, Bank of America and JPMorgan Chase also announced increases. Citi was the lone exception, with the bank keeping its dividend unchanged, but it did leave the door open for possible future increases. CNBC’s Jim Cramer, Carl Quintanilla and David Faber discuss. To see more of the interview with Cramer sign up for a free trial to CNBC Pro: Morgan Stanley, the Wall Street powerhouse, doubled its quarterly dividend and announced a new $12 billion stock repurchase plan. The bank said Monday in a press release that its dividend will jump to 70 cents a share starting in the third quarter, and it would buy up to $12 billion of its own stock through June 2022. Shares of Morgan Stanley popped almost 4% in after-hours trading.