12/18/2020, 11:28 PM (Source: TeleTrader)
more TeleTrader news

JPMorgan confirms $30B share buyback in 2021

JPMorgan Chase & Co. announced on Friday its board approved a new $30 billion share repurchase program that is set to begin next year.

"We will continue to maintain a fortress balance sheet that allows us to safely deploy capital by investing in and growing our businesses, supporting consumers and businesses, paying a sustainable dividend, and returning any remaining excess capital to shareholders," the bank's statement noted.

The decision followed the Federal Reserve's announcement that major United States banks would be able to buy back their shares again, although with some limitations. JPMorgan's stock surged 5.22% following the release, selling for $125.25 per share in the after-hours trading.

Breaking the News / ND