JPMorgan Chase shares fell 4.5% on Monday, not the kind of reception it usually hopes to get on its annual investor day.
One contributor: Chief Executive Jamie Dimon implied the shares had gotten so high he didnt want to buy back any more shares.
Later Monday, the bank looked to clarify Dimons comments.
A JPMorgan spokesman said that Dimon’s comments on buybacks referred to additional repurchases of stock beyond the pace at which the bank is already buying back stock. Not that the bank is stopping all repurchases.
Indeed, JPMorgan’s chief financial officer said the bank is increasing how much it buys back from shareholders, totaling over $2 billion of repurchases every quarter.