May 21, 2012 | Business & Finance
JPMorgan Suspends Stock Buybacks In Face Of Loss
JAMIE DIMON, CHAIRMAN AND CHIEF EXECUTIVE OF JP MORGAN CHASE AND CO, SPEAKS AT THE 2012 SIMON GRADUATE SCHOOL OF BUSINESS' NEW YORK CITY CONFERENCE IN NEW YORK MAY 3, 2012.
JPMorgan Chase & Co (JPM.N) Chief Executive Officer Jamie Dimon said on Monday the bank has suspended its repurchases of its stock but is maintaining its dividend, while working down losing trades in credit derivatives.
Dimon was speaking at the Deutsche Bank Securities Global Financial Services Investor Conference in New York. The bank announced on May 10 that it had lost at least $2 billion mishandling a portfolio of credit derivatives.
REUTERS