“I want to make it really clear, OK? We’re not going to buy back a lot of stock at these prices,” said billionaire JPMorgan Chase CEO Jamie Dimon during the bank’s annual meeting in May of 2024. “Buying back stock of a financial company greatly in excess of two times tangible book is a mistake. We aren’t going to do it.”

At the time, JPMorgan’s shares traded at 2.4 times their tangible book value, a measure of a bank’s market price compared to its tangible net worth. That figure strips out goodwill and other intangibles and focuses on assets that can be measured, such as loans and deposits. The........

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