We do currently have excess capital

In the last five years, we have bought back $25.7 billion in stock. In prior years, I have
explained why buying back our stock at tangible book value per share was a nobrainer.
While the first and most important use of capital is to invest in growth, buying
back stock should also be considered when you are generating excess capital. We do currently have excess capital. Five years ago, we offered the example of our buying
back stock at tangible book value and having earnings per share and tangible book
value per share substantially higher than they otherwise would have been just four
years later. While we prefer buying our stock at tangible book value, we think it makes
sense to do so at or around two times tangible book value for reasons similar to those
we’ve expressed in the past. If we buy back a big block of stock this year (using analyst
earnings estimates for the next five years), we would expect earnings per share in five
years to be 3%—4% higher, and tangible book value would be virtually unchanged.

https://www.jpmorganchase.com/corporate/investor-relations/document/ar2016-ceolettershareholders.pdf