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JPMorgan Chase Authorized $15 Billion Common Stock Repurchase Program 2011.03.20

New York, USA - March 18, 2011 - JPMorgan Chase & Co. (NYSE: JPM) today announced the following actions taken by its Board of Directors: Declared a quarterly dividend of $0.25 per share on the corporation's common stock, an increase of $0.20 per share and Authorized a new $15 billion multi-year common stock repurchase program.

JP Morgan Chase building - New York, USA.
Photo courtesy JP Morgan Chase
 

New York, USA - March 18, 2011

JPMorgan Chase & Co. (NYSE: JPM) today announced the following actions taken by its Board of Directors:

• Declared a quarterly dividend of $0.25 per share on the corporation's common stock, an increase of $0.20 per share. The dividend is payable on April 30, 2011 to stockholders of record at the close of business on April 6, 2011.

• Authorized a new $15 billion multi-year common stock repurchase program, of which up to $8.0 billion of common stock repurchases is approved for 2011.

JP Morgan Chase building - New York, USA.
Photo courtesy JP Morgan Chase
 
Remarking on the dividend action and repurchase authorization, Jamie Dimon, Chairman and CEO, said,
"We are pleased to be in a position to increase our dividend and to establish a new share repurchase program. Our current expectation is to return to a payout ratio of approximately 30% of normalized earnings over time. We will operate the business with the objectives of maintaining a Basel I Tier 1 Common ratio of at least 9.0% and meeting the Basel III requirements substantially ahead of time. Our earnings power will allow us to generate significant capital in excess of our objectives allowing us to aggressively invest in our future."

Jamie Dimon, Chairman and Chief Executive Officer of JPMorgan Chase.
Courtesy of JPMorgan Chase
 
Dimon
added,
"JPMorgan Chase has substantial organic growth opportunities - building branches, adding bankers, and expanding product and service capabilities globally. Quality organic growth is our top priority and our best use of capital. We expect, though at a minimum, essentially to repurchase the same amount of shares that we issue for employee stock-based incentive awards. Beyond this, we intend to repurchase stock only when we are generating capital in excess of what we need to fund our organic growth and when we think it provides excellent value to our existing shareholders."

JP Morgan Chase building - New York, USA.
Photo courtesy JP Morgan Chase
 
The timing of common stock purchases
and the exact number of shares purchased through the repurchase authorization will depend on various factors, including market conditions, the Firm's capital position, internal capital generation, and organic investment opportunities.

Exterior of Building JPMorgan Chase – Houston, Texas, USA.
Photo courtesy Flickr user Thisisit2
 
The new repurchase program
does not include specific price targets, may be executed through open market purchases or privately negotiated transactions, including utilizing Rule 10b5-1 programs, and may be suspended at any time.

Inside JPMorgan Chase – Houston, Texas, USA.
Photo courtesy Bill Herndon / Flickr
 
The Federal Reserve
has approved utilization of up to $8.0 billion in 2011 of the $15 billion repurchase program.

Photo courtesy Salim Virji / Flickr
 
The share repurchase program replaces the prior $10 billion program
that had approximately $3.2 billion of remaining authorization.


About J.P. Morgan


JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.1 trillion and operations in more than 60 countries.

 
 
The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity
.

Photo courtesy JP Morgan Chase
 
A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands.

Information about JPMorgan Chase & Co. is available at

www.jpmorganchase.com  


Source: JPMorgan Chase & Co.

http://www.jpmorganchase.com/corporate/Home/home.htm  



James Dimon

Chairman of the Board and CEO

Jamie Dimon
Courtesy of JPMorgan Chase
 
Mr. Dimon became Chairman of the Board on December 31, 2006, and has been Chief Executive Officer and President of JPMorgan Chase since December 31, 2005.

He had been President and Chief Operating Officer since JPMorgan Chase ’s merger with Bank One Corporation in July 2004.
At Bank One he had been Chairman and Chief Executive Officer since March 2000.

Prior to Bank One, he had held various senior executive positions at Citigroup Inc., its subsidiary, Salomon Smith Barney, and its predecessor company, Travelers Group, Inc.

Mr. Dimon is a graduate of Tufts University and received an MBA from Harvard Business School.

He is a director of The College Fund/UNCF and serves on the Board of Directors of The Federal Reserve Bank of New York, The National Center on Addiction and Substance Abuse, Catalyst and Harvard Business School and is on the Board of Trustees of New York University School of Medicine.


Source: JPMorgan Chase & Co.

http://www.jpmorganchase.com/corporate/About-JPMC/board-of-directors.htm#dimon  


Video
Meet Jamie Dimon, CEO of JP Morgan Chase

http://www.youtube.com/watch?v=_6SrRv6-cak  



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