The United States’ biggest banks will stop buying back their own shares as they intend to use the capital to support individuals and businesses affected by the coronavirus.

The Financial Services Forum said its eight members - JPMorgan Chase & Co, Bank of America Corp, Citigroup Inc, Wells Fargo & Co, Goldman Sachs Group Inc, Morgan Stanley, Bank of New York Mellon Corp and State Street Corp - would each halt share repurchases through June 30.

«The COVID-19 pandemic is an unprecedented challenge for the world and the global economy and the largest U.S. banks have an unquestioned ability and commitment to supporting our customers, clients, and the nation,» the industry trade group said in a statement on Sunday.

Consistent Action

«The decision on buybacks is consistent with our collective objective to use our significant capital and liquidity to provide maximum support to individuals, small businesses, and the broader economy through lending and other important services,» the group added.

U.S. banks' shares plunged on 9 March as collapsing oil prices and bond yields sparked worries that the impact of the coronavirus outbreak could cause a recession. J.P. Morgan Chase, the biggest U.S. bank, fell about 14 percent, its worst decline since March 2009, when the industry was still in the throes of the financial crisis.  Bank of America, the second-largest U.S lender, declined 15 percent while Citigroup plunged 16 percent.