JP Morgan's Dimon says he would prefer not to buy back stock over time and instead grow the business

At a time when share buybacks are hitting record levels, JP Morgan Chase CEO Jamie Dimon said he's rather put the money to work in other ways.

In an interview Monday with CNBC's Jim Cramer on "Squawk Alley," the head of the largest U.S. bank by deposits said the institution's latest foray into Philadelphia is an example of a better way to deploy cash.

"I would prefer to spend that money not buying back stock but doing this," he said during the live talk in the City of Brotherly Love. "Growing our business is far better for the economy. Right now we don't have a lot of choices. But over time I really would prefer not to buy back stock."

The bank has announced it will open 50 new branches around Philadelphia, Delaware and southern New Jersey over the next five years.

This is a breaking news story. Check back here for updates.

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