JPMorgan (JPM) Raises Buyback Plan By $950M With Fed Approval

JPMorgan Chase & Co. (NYSE: JPM) announced a $950 million increase to approved repurchases under its current $15.0 billion multi-year share and warrant repurchase program. This increases the aggregate approved repurchase amount for 2011 from $8.0 billion to $8.95 billion; as of September 30, 2011, the Firm had repurchased $8 billion of common stock and warrants under the program.

The Federal Reserve has approved the additional $950 million of repurchases; the incremental approved amount represents a reallocation of previously approved capacity for distribution of the Firm’s capital pursuant to the Federal Reserve’s 2011 Comprehensive Capital Analysis and Review (“CCAR”). The timing of the Firm’s purchases and the exact number of securities purchased will depend on various factors, including market conditions, the Firm’s capital position, internal capital generation, and organic investment opportunities. The Firm’s 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.

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