NEW YORK (AP) — JPMorgan Chase CEO Jamie Dimon says the bank is suspending plans to buy back its own stock.
Dimon said Monday the bank will continue to pay a dividend despite the $2 billion trading loss disclosed on May 10.
"It's an embarrassment, it's a black mark," Dimon said of the trading loss. He also said the bank's balance sheet was "barely nicked" by the loss.
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Speaking at a conference Monday organized by Deutsche Bank, Dimon said JPMorgan is preparing for new international regulations that force banks to hold more capital to prepare for economic downturns. JPMorgan's was scheduled to buy back $15 billion shares through the end of the first quarter of 2013.
JPMorgan's stock was 1.7 percent at $32.91 in morning trading.
Dimon's announcement is an about-face from earlier statements. At a meeting with investors on Monday, Dimon had said buying back stock helps the company meet regulatory requirements quicker.
"I don't mind the low stock price," Dimon had said then. The bank had bought a lot of stock back in 2011 at $36.
Usually, the bank buys back the shares it issues for employee stock-based incentive awards.
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