March 17, 2016 / 10:56 PM / 4 years ago

JPMorgan increases stock buyback program by up to $1.88 billion

A sign outside the headquarters of JP Morgan Chase & Co in New York, September 19, 2013. REUTERS/Mike Segar

(Reuters) - JPMorgan Chase & Co, the biggest U.S. bank by assets, said it will repurchase up to $1.88 billion in common shares through the end of the second quarter.

The repurchase under the bank’s 2015 capital plan is in addition to the $6.4 billion of shares authorized for repurchase by the board last year.

The bank has got a non-objection from the board of governors of the Federal Reserve System to increase the amount for the share repurchase.

Reporting By Sudarshan Varadhan in Bengaluru; Editing by Shounak Dasgupta

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