JPMorgan Chase Announces Capital Plan
*$6 Billion Equity Repurchase
*$0.38 Quarterly Per Share Common Stock Dividend Effective Second Quarter
NEW YORK -- March 14, 2013
Following the Federal Reserve Board’s release of 2013 CCAR results, JPMorgan
Chase & Co. (NYSE: JPM) today announced that:
*The Firm is authorized to repurchase an additional $6 billion of common
equity between April 1, 2013 and March 31, 2014.
*The Board of Directors intends to declare the first quarter common stock
dividend of $0.30 per share.
*The Board of Directors intends to increase the Firm’s quarterly common
stock dividend to $0.38 per share, effective second quarter of 2013.
The Federal Reserve Board informed the Firm today that it does not object to
the Firm’s proposed 2013 capital distribution plan. The Federal Reserve Board
also asked that the Firm submit an additional capital plan by the end of the
third quarter addressing the weaknesses identified in the Firm’s capital
planning processes. Following their review, the Federal Reserve Board may
require the Firm to modify its capital distributions.
Jamie Dimon, Chairman and CEO of JPMorgan Chase said: “We are pleased to
announce that our Board intends to increase our dividend in the second
quarter, returning it to its highest level, and to continue our equity buyback
program. We anticipate reaching a Basel III Tier I common ratio of 9.5% by the
end of this year after these capital actions and with the ongoing growth in
Mr. Dimon added: “JPMorgan Chase is fully committed to meeting all of the
The Firm’s 2013 dividends will be subject to the Board’s approval at the
customary times those dividends are declared. The Board intends to declare the
first quarter common stock dividend of $0.30 per share on March 19, 2013. The
second quarter dividend, which the Board intends to increase to $0.38 per
share, would be for shareholders of record on July 5, payable on July 31,
Repurchases of equity will be pursuant to the common equity repurchase program
previously authorized by the Firm’s Board of Directors on March 13, 2012. The
timing and exact amount of common stock and warrants purchased will be
consistent with the Firm’s capital plan and will depend on various factors,
including market conditions, the Firm’s capital position, internal capital
generation, and organic investment opportunities. The Firm’s repurchase
program does not include specific price targets, may be executed through open
market purchases or privately negotiated transactions, including the use of
Rule 10b5-1 programs, and may be suspended at any time.
Further information is available on the Firm’s website at
www.jpmorganchase.com under Investor Relations, Investor Presentations.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm
with assets of $2.4 trillion and operations worldwide. The firm is a leader in
investment banking, financial services for consumers, small businesses,
commercial banking, financial transaction processing, asset management and
private equity. A component of the Dow Jones Industrial Average, JPMorgan
Chase & Co. serves millions of consumers in the United States and many of the
world’s most prominent corporate, institutional and government clients under
its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is
available at www.jpmorganchase.com.
JPMorgan Chase & Co.
Kristin Lemkau, 212-270-7454
Sarah Youngwood, 212-270-7325
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