CEO of Chase Jamie Dimon looks on as he attends the seventh “Choose France Summit”, aiming to attract foreign investors to the country, at the Chateau de Versailles, outside Paris, on May 13, 2024.
Ludovic Marin | Via Reuters
JPMorgan Chase executives said the bank would increase share buybacks so that a mounting pile of tens of billions of dollars in excess cash doesn’t grow further.
Fresh off a record year for profit and revenue, JPMorgan is facing questions over what CFO Jeremy Barnum admitted was a “high-class problem”: the bank has, by some estimates, roughly $35 billion in money that it doesn’t need to satisfy regulators, or what analysts call “excess capital.”
“We would like to not have the excess grow from here,” Barnum told analysts Wednesday. “Given the amount of organic capital generation that we’re producing, it means that — unless we find in the near term, opportunities for organic deployment or otherwise — it means…
