In what could herald a major shift in the way big banks manage their capital, the top 25 sharply curtailed stock buybacks in the second quarter.

Repurchases of their own shares by the biggest banks, which hit $11.5 billion in the first quarter, fell to $7.5 billion in the second and are likely to slide to about $5 billion this quarter, according to Keefe, Bruyette & Woods Inc.

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