JPMorgan (JPM) stock erases earlier gains after CEO Dimon's comments on buybacks
JPMorgan (NYSE: JPM) stock has erased earlier gains and is currently trading in the red after CEO Jamie Dimon said during the company's event that the bank is not looking "to buy back a lot of stock at these prices."
At 12:00 PM EST (16:00 GMT), JPMorgan shares were down 1.44%.
JPMorgan initially increased its 2024 net interest income (NII) forecast to $91 billion, excluding the markets division, which sent its shares higher in premarket Monday.
In April, JPMorgan raised its NII forecast to $89 billion from $88 billion, excluding the markets division. Including trading, the bank kept its NII forecast unchanged at $90 billion.
In previous months, JPMorgan's Chief Financial Officer Jeremy Barnum had played down NII expectations, stating that the current gains were not sustainable.