JPMorgan wins approval to resume stock buys after Whale loss

Published November 08, 2012

| Reuters

JPMorgan Chase & Co said U.S. regulators have approved a plan for the company to use its capital to buy back its stock in the first quarter of 2013.

The company, which had suspended buybacks in May, had submitted a new capital plan to the Federal Reserve in August after containing its London Whale derivatives losses at about $6.2 billion.

The Federal Reserve informed the bank on November 5 that it had approved the plan, the company said in a quarterly filing on Thursday.

The approved plan provides for the company to continue paying its current quarterly dividend on common stock, the filing said.

(Reporting by David Henry in New York; Editing by Gerald E. McCormick.)