JPMorgan wins approval to resume stock buys after Whale loss

Thu Nov 8, 2012 7:49am EST

Nov 8 (Reuters) - JPMorgan Chase & Co said U.S. regulators have approved a plan for the company to use its capital to buy back its stock in the first quarter of 2013.

The company, which had suspended buybacks in May, had submitted a new capital plan to the Federal Reserve in August after containing its London Whale derivatives losses at about $6.2 billion.

The Federal Reserve informed the bank on Nov. 5 that it had approved the plan, the company said in a quarterly filing on Thursday.

The approved plan provides for the company to continue paying its current quarterly dividend on common stock, the filing said.