JP Morgan’s Dimon says he would likely prefer not to buy back stock over time along with instead grow the business

At a time when share buybacks are hitting record levels, J.P. Morgan Chase CEO Jamie Dimon said he’d rather put the money to work in some other ways.

In an interview Monday with CNBC’s Jim Cramer on “Squawk Alley,” the head of the largest U.S. bank by deposits said the institution’s latest foray into Philadelphia is actually an example of a better way to deploy cash.

“I would likely prefer to spend in which money not buying back stock although doing This kind of,” he said during the live talk from the City of Brotherly Love. “Growing our business is actually far better for the economy. Right right now we don’t have a lot of choices. although over time I genuinely would likely prefer not to buy back stock.”

The bank has announced the item will open 50 brand new branches around Philadelphia, Delaware along with southern brand new Jersey over the next a few years. in which’s part of a broader agenda aimed at opening 400 brand new branches across the country, a move made as the total number of branches has declined about 9 percent since the financial crisis.

Bank officials said the program is actually a way to put to use the windfall via last year’s tax cuts in which slashed the corporate rate via 35 percent to 21 percent.

A Great chunk of in which money has been returned to shareholders This kind of year, with S&P 500 companies on track to execute more than $1 trillion in share repurchases by the end of the year.

While Dimon said in which’s not his main focus, he also said the item’s wrong to demonize buybacks.

“Companies should do what makes sense,” he said. “I also don’t buy This kind of argument in which the item’s bad. Buying back stocks is actually simply giving the item back to you as an investor who redeploys the item to a better use. the item’s redeployment of capital in which should be redeployed if a company can’t use the item. My druthers is actually always to grow our business.”

WATCH:
CNBC’s full interview with JP Morgan’s Jamie Dimon

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