JPMorgan Chase & Co. chief executive officer Jamie Dimon made no secret that he wanted to buy back some of the bank’s stock before the roaring equity market rally took it too far. “I hope we can do it before it goes way up," he said back in July 2020.Five months later, right in the heart of the holiday season, the US Federal Reserve made his wish come true.
And he and JPMorgan could hardly wait to share the good news.After running a second round of stress tests, the central bank concluded that the biggest lenders could handle a severe economic shock, given their current capital levels, according to results released late Friday.