UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form 8-K

 

 

Current Report Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): March 13, 2012

 

 

 

JPMORGAN CHASE & CO.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware		1-5805		13-2624428
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification No.)
270 Park Avenue, New York, NY				10017
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s telephone number, including area code: (212) 270-6000

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

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TABLE OF CONTENTS

Item 8.01 Other Events

SIGNATURE

EXHIBIT INDEX

EX-99.1

 

Item 8.01 Other Events

On March 13, 2012, JPMorgan Chase & Co. (“JPMorgan Chase” or the “Firm”) announced the following actions taken by its Board of Directors: (i) declaration of a quarterly dividend of $0.30 per share on JPMorgan Chase’s common stock, payable on April 30, 2012 to stockholders of record at the close of business on April 5, 2012 and (ii) authorization of a new $15 billion equity repurchase program, of which up to $12 billion is approved for 2012 and up to an additional $3 billion is approved through the end of the first quarter of 2013. JPMorgan Chase also stated that the Federal Reserve had informed the Firm that it completed its 2012 Comprehensive Capital Analysis and Review (“CCAR”) and that it did not object to the Firm’s proposed capital distributions submitted pursuant to CCAR. A copy of the press release dated March 13, 2012 relating to these announcements is attached as Exhibit 99.1.

 

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

 

Exhibit Number		Description of Exhibit
99.1		JPMorgan Chase & Co. press release, dated March 13, 2012

 

2

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Dated: March 14, 2012

 

3

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EXHIBIT INDEX

 

Exhibit Number		Description of Exhibit
99.1		JPMorgan Chase & Co. press release, dated March 13, 2012

 

4

Exhibit 99.1

 

 

 

News release: IMMEDIATE RELEASE

JPMORGAN CHASE TO INCREASE QUARTERLY COMMON STOCK DIVIDEND

TO $0.30 PER SHARE

BOARD AUTHORIZES $15 BILLION EQUITY REPURCHASE PROGRAM

March 13, 2012 - NEW YORK - JPMorgan Chase & Co. (NYSE: JPM) today announced the following actions taken by its Board of Directors:

 

•

Declared a quarterly dividend of $0.30 per share on the corporation’s common stock, an increase of $0.05 per share. The dividend is payable on April 30, 2012 to stockholders of record at the close of business on April 5, 2012

 

•

Authorized a new $15 billion equity repurchase program, of which up to $12 billion is approved for 2012 and up to an additional $3 billion is approved through the end of the first quarter of 2013

Remarking on the dividend action and repurchase authorization, Jamie Dimon, Chairman and CEO, said, “We are pleased to be in a position to increase our dividend and to establish a new equity repurchase program. We expect to generate significant capital and deploy that capital to the benefit of our shareholders. JPMorgan Chase continues to invest in our substantial organic growth opportunities as our top priority and best use of capital. We expect to repurchase, at a minimum, approximately the same amount of shares that we issue for employee stock-based incentive awards. Beyond this, we intend to repurchase equity only when we are generating capital in excess of what we need to fund our organic growth and when we think it provides excellent value to our existing shareholders.”

The Federal Reserve has informed the Firm that it completed its 2012 Comprehensive Capital Analysis and Review (“CCAR”) and that it did not object to the Firm’s proposed capital distributions submitted pursuant to CCAR.

The timing and exact amount of common stock and warrant purchases will be consistent with the Firm’s capital plan and will depend on various factors, including market conditions, the Firm’s capital position, internal capital generation, and organic investment opportunities. The new repurchase program does not include specific price targets, may be executed through open market purchases or privately negotiated transactions, including utilizing Rule 10b5-1 programs, and may be suspended at any time. The equity repurchase program replaces the prior $15 billion program that had approximately $6.05 billion of remaining authorization.

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.3 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

 

 

Investor Contact: Sarah Youngwood (212) 270-7325		Media Contact: Joe Evangelisti (212) 270-7438