NEW YORK ( TheStreet) -- JPMorgan Chase (JPM - Get Report) said in a regulatory filing that it has won the Federal Reserve's approval to buy back $3 billion worth of stock in the first quarter of 2013.
The bank suspended its $15 billion buyback program in May in the wake of its multi-billion dollar trading loss. Earlier, JPMorgan has won approval from the regulator to purchase $12 billion in stock in 2012 and $3 billion in the first quarter of 2013. It was also permitted to raise its dividend to 30 cents a share from 25 cents a share.
The Fed's stamp of approval might help the bank put the "London Whale" debacle behind it once and for all.
Up to May 2012, the bank managed to purchase about 49 million shares for $1.6 billion.Management said it awaits details about the 2013 CCAR (Comprehensive Capital Annual Review) process in mid- November. Shares were up 2% in premarket trading. -- Written by Shanthi Bharatwaj in New York.