JPMorgan Exec Says We Expect Strong Growth In Cards To Continue But Not At The Same Level As 2023; We Plan To Have A Moderate Stock Buyback For Coming Quarters Consistent With $2B Net Buyback A Quarter
Portfolio Pulse from Benzinga Newsdesk
A JPMorgan executive stated during a conference call that the company anticipates continued strong growth in its cards division, although not at the exceptional levels seen in 2023. Additionally, JPMorgan plans to implement a moderate stock buyback program in the coming quarters, aiming for a net buyback of $2 billion per quarter.
January 12, 2024 | 1:52 pm
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JPMorgan expects continued growth in its card services, albeit at a lower rate than in 2023, and plans a moderate stock buyback program consistent with $2 billion net buyback per quarter.
The announcement of continued growth in the cards division suggests a positive outlook for JPMorgan's revenue stream, which is likely to be viewed favorably by investors. The commitment to a moderate stock buyback program indicates a balance between returning value to shareholders and maintaining financial flexibility. This could be perceived as a sign of management's confidence in the company's financial health and future prospects, potentially leading to a positive short-term impact on the stock price.
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