Buyback plan off
Source: Agencies |
May 22, 2012, Tuesday
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Print Edition
Print Edition
JPMORGAN Chase CEO Jamie Dimon yesterday said the bank is suspending plans to buy back its own stock.
Dimon said the bank will continue to pay a dividend despite the US$2 billion trading loss disclosed on May 10.
He also said the bank's balance sheet was "barely nicked" by the loss.
Speaking at a conference yesterday organized by Deutsche Bank, Dimon said JPMorgan is preparing for new international regulations that force banks to hold more capital to prepare for economic downturns. JPMorgan was scheduled to buy back US$15 billion shares through the end of the first quarter of next year.
Dimon said the bank will continue to pay a dividend despite the US$2 billion trading loss disclosed on May 10.
He also said the bank's balance sheet was "barely nicked" by the loss.
Speaking at a conference yesterday organized by Deutsche Bank, Dimon said JPMorgan is preparing for new international regulations that force banks to hold more capital to prepare for economic downturns. JPMorgan was scheduled to buy back US$15 billion shares through the end of the first quarter of next year.
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