JPMorgan wins approval to resume stock buys after Whale loss
Nov 8 (Reuters) - JPMorgan Chase & Co said U.S. regulators have approved a plan for the company to use its capital to buy back its stock in the first quarter of 2013.
The company, which had suspended buybacks in May, had submitted a new capital plan to the Federal Reserve in August after containing its London Whale derivatives losses at about $6.2 billion.
The Federal Reserve informed the bank on Nov. 5 that it had approved the plan, the company said in a quarterly filing on Thursday.
The approved plan provides for the company to continue paying its current quarterly dividend on common stock, the filing said.
- Tweet this
- Share this
- Digg this
- UK troops in largest armoured deployment in Eastern Europe for six years
- In class obsessed Britain, tweet of 'white van' man hits nerve
- European Parliament may propose Google break-up in draft resolution
- Aviva in £5.6 billion deal to buy Friends Life after pensions shake-up
- West seen easing demands on Iran atom bomb 'mea culpa' in deal