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JPMorgan Chase Plans Dividend Increase and $19.4 Billion Capital Repurchase Program
New York– June 28, 2017
JPMorgan Chase & Co. (NYSE: JPM) (“JPMorgan Chase” or the “Firm”) announced today that the Federal Reserve Board does not object to the Firm's capital plan under the recently concluded 2017 Comprehensive Capital Analysis and Review (“CCAR”). JPMorgan Chase’s Board of Directors intends to increase the quarterly common stock dividend to $0.56 per share (up from the current $0.50 per share), effective the third quarter of 2017, and has authorized gross common equity repurchases of up to $19.4 billion between July 1, 2017 and June 30, 2018 under a new common equity repurchase program.
Jamie Dimon, Chairman and CEO of JPMorgan Chase said: “Given the financial strength of the company and the significant capital and liquidity advancements we have made over the last several years, we are pleased to further increase capital returns to our shareholders while continuing to invest in our businesses for long-term profitability.”
The Firm’s dividends will be subject to the Board of Directors’ approval at the customary times those dividends are declared. The 2017 third quarter dividend would be payable on October 31, 2017, to shareholders of record at the close of business on October 6, 2017. The newly-authorized common equity repurchase program includes shares repurchased to offset issuances under the Firm's stock-based compensation plans. The authorization to repurchase common equity will be utilized at management’s discretion, and the timing of repurchases and the exact amount of common equity that may be repurchased under the new authorization is subject to various factors, including market conditions; legal and regulatory considerations; 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. (NYSE: JPM) is a leading global financial services firm with assets of $2.5 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
Jason Scott, 212-270-7325
Jennifer Lavoie, 212-622-7068