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JPMorgan suspends stock repurchase program to preserve capital after $2 billion trading loss
NEW YORK (AP) ' JPMorgan Chase CEO Jamie Dimon says the bank is suspending plans to buy back its own stock.
Dimon said Monday the bank will continue to pay a dividend despite the $2 billion trading loss disclosed on May 10.
"It's an embarrassment, it's a black mark," Dimon said of the trading loss. He also said the bank's balance sheet was "barely nicked" by the loss.
Speaking at a conference Monday organized by Deutsche Bank, Dimon said JPMorgan is preparing for new international regulations that force banks to hold more capital to prepare for economic downturns. JPMorgan's was scheduled to buy back $15 billion shares through the end of the first quarter of 2013.
JPMorgan's stock was off 1 percent at $33.17 in early trading.