by: Hugh Son
Chief executive buys 500,000 shares for $26.6 million
JPMorgan stock advances the most in more than four years
Jamie Dimon, chairman and chief executive officer of JPMorgan Chase & Co., spent $26.6 million to buy shares of his bank Thursday after they tumbled to the lowest price in more than two years. On Friday, the stock surged 8 percent, the most in more than four years.
Dimon, 59, bought 500,000 shares, bringing his total holding to 6.75 million shares, according to a regulatory filing. He made the purchase because he believes the stock is cheap after a worldwide rout in equities, according to a person with knowledge of his thinking. JPMorgan, the largest U.S. lender by assets, had dropped 20 percent this year through the end of regular trading Thursday in New York. Read More…