JPMorgan Says It Hopes to Restart Buybacks in First Quarter
JPMorgan Chase & Co. (JPM), the largest U.S. bank by assets, said it hopes to resume repurchases of its stock in the first quarter, moving back a target set last month by Chief Executive Officer Jamie Dimon.
Dimon, 56, had told analysts July 13 that the New York- based lender may restart buybacks in this year’s fourth quarter, “if all goes well.” Today, the bank said it “hopes to recommence its equity repurchase program in the first quarter of 2013.”
Doing so depends on the board’s completion of work on the chief investment office, which lost $5.8 billion on wrong-way bets in this year’s first half, and on the Federal Reserve’s view of the bank’s resubmitted capital plan, JPMorgan said today in a regulatory filing.
The company’s shares fell 1.6 percent to $36.55 in early trading in New York. The stock has advanced 12 percent this year.
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