JPM cuts dividend to boost reserves

JPMorgan cut its quarterly dividend from 38c to 5c a share last month, in a bid to build up $5 billion in additional capital reserves.

The bank's chairman, Jamie Dimon, hinted at three possible uses for the capital: debt repayments, as a war chest or as a safety net.

The bank received $25 billion in investment from the US government last year under the Troubled Assets Relief Programme, and Dimon said the dividend cut would "help position us to repay Tarp as soon as is prudent, while still

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