JPMorgan Chase has received regulatory approval to restart its sharerepurchasing program, which the bank shut down last May after the disastrous losses from the London Whale derivatives trade.
Just about every day we see large corporations with strong balance sheets and excess cash flow decide the best use they can make of the money is to return it to shareholders by repurchasing shares that increase the earnings per share behind all the remaining shares.
The company also confirmed it would be repurchasing up to 150 million shares, replacing a prior 200 million share buyback program that had about 38 million shares remaining.