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Dimon Just Spent a Year’s Pay on JPMorgan Stock After Bank Rout

750x-1[1]by: 

  • 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…

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AAPL
146.28
+0.65
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XOM
81.61
+0.53
+0.65%
MSFT
71.21
+0.95
+1.35%
JNJ
136.43
+0.38
+0.28%
WFC
52.45
-0.04
-0.08%
GE
27.57
+0.02
+0.07%
JPM
86.86
-0.16
-0.18%
PG
89.42
+0.39
+0.44%
PFE
34.17
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45.39
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CVX
105
+0.55
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T
37.95
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BAC
22.82
-0.11
-0.48%
DIS
104.36
+0.14
+0.13%
FB
155.07
+1.67
+1.09%
C
63.41
-0.21
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MRK
66.16
+0.14
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GOOG
965.59
+8.5
+0.89%
KO
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39.5
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151.31
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IBM
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32.09
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