JPMorgan Boosts Payout More Than Expected After Fed Approval
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JPMorgan Chase & Co., the biggest U.S. bank, raised its quarterly dividend more than most analysts estimated to 38 cents and expanded stock buybacks after the Federal Reserve conditionally approved the firm’s proposal to return more of its profit to shareholders.
JPMorgan’s new dividend for the second quarter beat the 36-cent average prediction of analysts surveyed by Bloomberg. The New York-based bank said in a statement today it would buy back as much as $6 billion more of its own stock, after scaling back a $15 billion repurchase program approved last year.