JPMorgan raises dividend, unveils stock buyback after clearing Fed's stress test

July 1 (Reuters) - JPMorgan Chase JPM.N said on Tuesday it had approved a new $50 billion share repurchase program and plans to raise its quarterly dividend to $1.50 per share, after passing the U.S. Federal Reserve's annual stress test.

The buyback authorization is effective from July 1 and gives the bank flexibility to repurchase shares at its management's discretion, depending on market and economic conditions.

The planned dividend increase, up from $1.40, is expected in the third quarter, pending board approval.