Jamie Dimon's annual letter

|By:, SA News Editor

The JPMorgan (NYSE:JPM) CEO leads off by noting the continued steady growth in tangible book value per share at the bank, an "anchor" to the stock price. In the past five years, JPMorgan has repurchased nearly $26B in stock at what appears to be growing premiums to book.

While buying back stock at book value is a "no brainer," says Dimon, it makes sense to be a buyer all the way up to about 2x book (the stock currently sells for about 1.7x Dec. 31 tangible book value).

While the regulatory environment is "unnecessarily complex," says Dimon, JPMorgan isn't seeking a repeal of Dodd-Frank, but instead a reworking of certain rules and regulations.

Too Big To Fail, he says, is essentially solved as taxpayers today aren't at risk from bank failures.

Full letter here