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Commuters are reflected in stone as they walk past the JP Morgan headquarters in New York, May 17, 2012. (EDUARDO MUNOZ/REUTERS)
Commuters are reflected in stone as they walk past the JP Morgan headquarters in New York, May 17, 2012. (EDUARDO MUNOZ/REUTERS)

JPMorgan stops buybacks, maintains dividend Add to ...

JPMorgan Chase & Co. chief executive officer Jamie Dimon took another step that showed humility and caution in the wake of a stunning $2-billion (U.S.) loss, or more, on derivatives by announcing on Monday that the company will quit spending capital on stock buybacks.

The company will suspend for now a $15-billion share repurchase plan that Federal Reserve regulators had just approved in March after running stress tests on the bank’s capital, Mr. Dimon said at an investor conference.

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