To the Chagrin of Other Bankers, JPMorgan (JPM) Beat the Fed to the Punch on Stress Test Results
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When JPMorgan (NYSE: JPM) announced a raised dividend and $15 billion buyback at around 3PM Tuesday, Jamie Dimon & Co. bypassed parameters laid out by the Fed to wait until after the release of the official stress test results at 4:30PM.
This left rival bankers "seething," according to reports.
According to the Wall Street Journal, Several rival banks said they received instructions from the Fed to stay quiet until the central bank put out its own results for all 19 banks...
Don't blame JPMorgan however, said one senior Fed official. According to the official, there was a miscommunication between the Fed and J.P. Morgan.
Originally the stress test results were expected on Thursday, but an apparent leak of the information forced the Fed to move up its announcement to Tuesday.
Adding to the confusion was the Fed's interest rate policy statement on the same day.
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This left rival bankers "seething," according to reports.
According to the Wall Street Journal, Several rival banks said they received instructions from the Fed to stay quiet until the central bank put out its own results for all 19 banks...
Don't blame JPMorgan however, said one senior Fed official. According to the official, there was a miscommunication between the Fed and J.P. Morgan.
Originally the stress test results were expected on Thursday, but an apparent leak of the information forced the Fed to move up its announcement to Tuesday.
Adding to the confusion was the Fed's interest rate policy statement on the same day.
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