UniCredit in Italy (CRDI.MI) uses share buybacks rather than dividends to return Capital to shareholders because investors prefer this, said Chief Executive Andrea Orcel at a shareholders meeting on Friday.

Orcel said, “This is what our shareholders tell us whenever we speak to them.” The meeting approved a 2.64 billion euro ($2.5 billion) share purchase.

Orcel, who presented quarterly earnings to UniCredit on Tuesday, said that UniCredit will consider increasing the cash component of its distribution over time, as it is “arguably low.”

Orcel stated that the shares were trading between 5 and 5.5 times the bank’s earnings in the future. “I believe I am doing my investors a favor by reducing the share count and increasing the yield moving forward,” Orcel added.

“However I realize that as progress is made, we will need to give people a progressive dividend, and the percentage of our net income we must pay out to be gradually increased,” he said.

($1 = 0.9469 euros)

Alvise Armellini, Alvise Za and Valentina Za report.

Engaged Capital, a financial advisory firm, called last week on apparel manufacturer VF (VFC.N). to sell non-core assets. Starboard Value suggested that News Corp (NWSA.O. HTML0) spin off its digital property division, and Jana Partners recommended Frontier Communications (FYBR.O. sell itself.

Bank of America’s earnings were expected to be broadly stable after investment banking fees increased by 2% in the third quarter. This was aided by deals made by bankers who serve middle-market companies.

Brian Moynihan, CEO of the company, told analysts that he would double the team’s size again but did not specify staffing numbers.

Goldman Sachs CEO David Solomon, who recently reported earnings, was more optimistic than his peers despite the fact that investment banking fees were largely flat in the third quarter.

He told analysts in a conference call after earnings that if conditions are still favorable, he expects a continued recovery of both the capital markets and strategic activities.

Reporting by Tatiana Bautzer, Lananh Nguyen and Svea Herbst Bayliss. Additional reporting by Svea Autumn-Bayliss. Editing by Megan Davies and David Gregorio

* European Central Bank President Christine Lagarde attended the European Union Summit in Brussels

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