U.K. Banks Scrap Dividends, Buybacks After Regulator Push (2)

U.K. banks, including HSBC Holdings Plc, agreed to scrap dividends and buybacks this year after the regulator pushed to contain spending to shareholders as the coronavirus pandemic upends the industry.

HSBC, Royal Bank of Scotland Group Plc, Standard Chartered Plc, Barclays Plc and Lloyds Banking Group Plc axed their outstanding 2019 dividends and said there would be no payments in 2020 in similar announcements late Tuesday. They also agreed to suspend any buybacks.

HSBC, while saying performance has been “resilient” in the first quarter, warned the virus would be a drag on revenue and increase expected ...