JP Morgan Chase to Buyback $10.6 Billion in Stock

NEW YORK – JPMorgan Chase & Co. said that the Federal Reserve Board does not object to the Firm’s capital plan under the recently concluded 2016 Comprehensive Capital Analysis and Review (“CCAR”). The company’s capital plan includes stock buyback of up to $10.6 billion between July 1, 2016 and June 30, 2017, under a new equity repurchase program authorized by the Firm’s Board of Directors. The Board of Directors also intends to continue the current common stock dividend of $0.48 per share for the third quarter of 2016.

Jamie Dimon, Chairman and CEO of JPMorgan Chase said: “We are pleased to be able to implement the capital plan approved by our Board following the non-objection from the Federal Reserve Board, including a meaningful increase to our equity buyback program and the continuation of our current common stock dividend.”

The Firm’s dividends will be subject to the Board of Directors’ approval at the customary times those dividends are declared. The newly-authorized equity repurchase program would include shares repurchased to offset issuances under the Firm’s stock-based compensation plans. The timing of repurchases and the exact amount of common equity that may be repurchased under the new authorization will depend on various factors, including market conditions; legal and regulatory considerations; and the Firm’s capital position, internal capital generation and alternative investment opportunities. The repurchase program does not include specific price targets or timetables; may be executed through open market purchases or privately negotiated transactions, or utilizing Rule 10b5-1 programs; and may be suspended at any time.

JPMorgan Chase & Co. is one of the world’s leading financial services firms with assets of $2.4 trillion.