Growth5 Blog

Thursday, February 26, 2009

Preparing for the Worst

JP Morgan is profitable. They cut their dividend by 87% anyway. The dividend has not been cut since 1990. The drop to 5 cents a share will save JP Morgan more than $5 billion this year, a cushion for what may lie ahead.

CEO Jamie Dimon: "Please don’t read this that we’re panicking. You have to react to extraordinary times and extraordinary events to protect the company."

It appears JP Morgan's conservative approach will continue to pay off for them.

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