Banking group JPMorgan has decided to suspend its massive share buyback program, following the well-known losses suffered in recent months following trading operations gone wrong. A stop that represents a new blow for the group's shareholders, who in these buy-backs tend to support a company's stock prices. Moreover, the program was of significant scope: 15 billion dollars.
However, in announcing the suspension, the managing director Jamie Dimon last night tried to minimize the alarmism on the prospects of JP Morgan: denying that the group could suffer worse losses than those estimated. According to the Financial Times since the disclosure of the red in question, equal to about 2 billion dollars, JP Morgan has lost 30 billion dollars in its market capitalization.
