JPMorgan's Dimon Considering Raising Dividend |
FOXBusiness - Apr 1, 2010 |
In his annual letter to shareholders, JPMorgan Chase (JPM: 45.21, 0.76, 1.71%) CEO Jamie Dimon said he is looking to increase the bank's annual dividend as long as financial markets and economic conditions continue to improve.
Dimon said he hopes to increase the dividend to between 75 cents to $1 a share from its current level of 20 cents a share. JPMorgan cut its annual dividend from $1.52 a share to 20 cents in early 2009 as financial markets continued to deteriorate and the bank was trying to preserve capital.
Dimon cited three conditions that he believes are necessary for JPMorgan to increase its dividend, including several months of improvement in the jobs markets and a reduction in consumer charge-offs related to mortgages and credit cards. Dimon also said that the bank would need "more certainty around the regulatory requirements for bank capital levels" as well.
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- Posted: 2010-04-01 10:42:41
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