JPMorgan Halts Share Buybacks as Earnings Miss Estimates
- Bank adds $428 million to reserves for potentially bad loans
- Dimon says firm preparing for ‘range of economic environments’
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JPMorgan Chase & Co. temporarily suspended share buybacks and reported second-quarter results that fell short of analysts’ estimates, driving the stock as much as 5.1% lower.
The buyback pause is needed to quickly meet higher capital requirements and “allow us maximum flexibility to best serve our customers, clients and community through a broad range of economic environments,” Chief Executive Officer Jamie Dimon said in a statement Thursday.