Monday, February 23, 2009

JP Morgan Cuts Dividend To $0.05, Provides Update on "Fortress" Balance Sheet

Previous dividend $0.38. Gives some amusing arguments about why dividend is getting whacked.

Also lots of chatter about JPM's "fortress balance sheet." Ahem, shorters are already crossing the moats.

Amusing highlights from investor presentation just posted on JPM's website:

  • Given highly uncertain environment, we are acting with an abundance of caution in reducing quarterly dividend to $0.05 per share;

  • For 1Q09 QTD, the Firm is solidly profitable, even after significant additions to reserves;

  • Continue to feel great about future prospects of Company;

  • Even in this highly stressed environment we would maintain our fortress balance sheet and continue to invest in our businesses;

And more such fluff. Full presentation below:

JP Morgan Presentation - Free Legal Forms

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Anonymous said...

be forwarned sir Dimon,

we will not stop the assault until we take a golden dump in your royal washroom & exorcise Great Morgan's Ghost once and for all.

the barbarian shorts

Osprey Flyer said...

We'll see how that fortress is doing in a few months. I'm crossing that moat myself! lol

Advant Guard said...

It's about time they started raising the drawbridge. Don't they know that the Mongol hordes are loose.