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JPMorgan board authorizes $30B share buyback program

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JPMorgan board authorizes $30B share buyback program

JPMorgan Chase & Co.'s board authorized a new common equity share repurchase program of $30 billion. Repurchases are expected to begin in the first quarter of 2021.

Additionally, the company said its board intends to maintain the quarterly common stock dividend of 90 cents per share for the first quarter of 2021. Its quarterly common stock dividends are subject to approval by the board at the customary times that those dividends are declared.

The company said it has received results from the Federal Reserve for the 2020 Comprehensive Capital Analysis and Review round 2 stress test. JPMorgan's Basel III standardized approach minimum common equity Tier 1 capital ratio remains at 11.3%, including the stress capital buffer requirement of 3.3%.

"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," said JPMorgan Chairman and CEO Jamie Dimon.