Summary
JPMorgan Chase & Co. (JPM) announced on March 17, 2016, that its Board of Directors has authorized an additional $1.88 billion for common equity repurchases. This action is part of the company's ongoing equity repurchase program and extends through the end of the second quarter of 2016. This increase in buyback authorization follows previous authorization of $6.4 billion from the prior year and signifies the company's continued commitment to returning capital to shareholders. Importantly, JPMorgan Chase has received the necessary non-objection from the Board of Governors of the Federal Reserve System to proceed with this enhanced repurchase amount under its 2015 capital plan, indicating regulatory approval for this capital allocation strategy.
Key Highlights
- 1JPMorgan Chase Board of Directors authorized an additional $1.88 billion for common equity repurchases.
- 2The new repurchase authorization is effective through the end of the second quarter of 2016.
- 3This $1.88 billion is in addition to the $6.4 billion previously authorized for repurchase last year.
- 4The company has received a 'non-objection' from the Federal Reserve's Board of Governors for this increase.
- 5The repurchase is part of the Firm’s current equity repurchase program.
- 6This action is permitted under the Firm’s 2015 capital plan.
- 7A press release dated March 17, 2016, details this announcement and is attached as an exhibit.