JPMorgan Halts Buybacks While Keeping Payout, Dimon Says
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JPMorgan Chase & Co. suspended its daily stock repurchase program because the bank needs money to meet international capital rules, not because of the size of trading losses, Chief Executive Officer Jamie Dimon said.
The quarterly dividend won’t change, Dimon said during an investor conference today in Manhattan where analysts peppered him with questions about how the New York-based firm’s chief investment office racked up at least $2 billion in losses since March.