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Jamie Dimon says JPMorgan stock is too expensive: ‘We're not going to buy back a lot'

·1 min

The CEO of JP Morgan Chase, Jamie Dimon, expressed his opinion that the bank’s shares are overvalued during the company’s annual investor meeting. Dimon stated that the bank will not be buying back a significant amount of stock at current prices. JP Morgan’s shares have experienced a strong 40% increase over the past year, making them relatively expensive compared to the industry metric of price to tangible book value. Dimon’s comments and his potential retirement plans led to a 4.5% decrease in the bank’s shares. Despite the statement, JP Morgan continues to repurchase its stock at a regular rate. Dimon’s cautious outlook on economic risks, including inflation, interest rates, and geopolitical factors, also influenced his decision.