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February 26, 2014

JPMorgan targets $30bn war chest

“JPMorgan Chase should have $30bn of excess capital by next year that could be distributed to shareholders, executives said at an investor day where the company also confirmed plans for thousands of job cuts.”

“The largest US bank by assets has endured two years of record litigation costs, paying out $23.7bn in 2013 alone, but has retained the support of shareholders, partly on the hope of a future payout via dividends and buybacks.”

“Shares in the bank are close to an all-time high, although they fell 1.7 per cent on Tuesday to $57.03 after JPMorgan lowered profitability targets and said that trading revenues were 15 per cent lower so far in the first quarter compared with the same period last year.”

“‘The stock has done fine against our major competitors. More than fine,’ said Jamie Dimon, chief executive, when an analyst noted the company’s price/earnings ratio, which is lower than some peers’.”


Read full Financial Times article here.

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