JPMorgan Chase shareholders suffered a further blow yesterday when the bank suspended its $15bn share buyback programme to preserve capital following its $2bn trading loss.
With the embattled bank’s shares falling another 2 per cent on the news, investors have seen $30bn wiped off its market value since the losses in its chief investment office were revealed 10 days ago.
Jamie Dimon, chief executive, said: “Obviously, we’re not going to make as much money.” But he said the suspension of its buyback programme did not imply the bank was suffering worse losses than stated.
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