Summary
Furthermore, the Board of Directors intends to increase the quarterly common stock dividend, first to $0.30 per share for the first quarter of 2013, and then to $0.38 per share effective the second quarter of 2013. While the Federal Reserve did not object to the proposed capital distribution plan, it has requested an additional capital plan by the end of Q3 2013 to address identified weaknesses in capital planning processes, with the possibility of requiring modifications to future capital distributions.
Key Highlights
- 1JPM authorized for an additional $6 billion in common equity repurchases between April 1, 2013, and March 31, 2014.
- 2Board intends to declare a first quarter common stock dividend of $0.30 per share.
- 3Board intends to increase the quarterly common stock dividend to $0.38 per share, effective second quarter 2013.
- 4Federal Reserve Board did not object to JPM's proposed capital distribution plan.
- 5Federal Reserve has requested an additional capital plan by end of Q3 2013 to address capital planning process weaknesses.
- 6The Federal Reserve may require JPM to modify its capital distributions after reviewing the additional capital plan.