JPMorgan Chase, Bank of America, and Citigroup have all launched significant share repurchase programs, with each bank authorizing at least $30 billion in buybacks. JPMorgan's board approved a $50 billion share repurchase program in June 2026, but the company has only reduced its share count by about 2.4% year over year. The bank's cautious approach is due to competing capital needs, including investments in the business and maintaining a strong balance sheet.
Bank of America has been more aggressive with its $40 billion buyback authorization, using about $29 billion of it so far. This has resulted in a 5.5% reduction in its share count over the past year. The bank's forward price-to-earnings (P/E) ratio of 9.8 times suggests a reasonable valuation, despite risks related to interest rates and regulatory issues.
Citigroup, despite having the smallest buyback program at $30 billion, has seen the most significant reduction in share count, down 7.5% year over year. The bank's transformation efforts and pressure on its credit card business pose risks, but its forward P/E ratio of 9.4 times makes it an attractive option for high-risk, high-reward investors.
Among the three, Citigroup's share count has declined the most, followed by Bank of America. JPMorgan, with the largest buyback program, has been the least eager to spend. Investors looking for the most upside from buybacks might consider JPMorgan, while those seeking a balanced approach could opt for Bank of America. Citigroup remains a high-risk, high-reward choice.