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JPMorgan Suspends Stock Buybacks In Face Of Loss

Source: thewillnigeria.com
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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