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JP Morgan CEO buys $17 million of his own company's shares

The bank chief bought $17 million worth of shares in JP Morgan, likely in order to demonstate the confidence he has in the bank.

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JP Morgan CEO Jamie Dimon purchased $17 million in shares in his own company Saturday. (Saul Loeb/AFP/Getty Images)

JP Morgan CEO Jamie Dimon buys a larger stake in his company.

The bank chief bought $17 million worth of shares in JP Morgan, likely in order to demonstate the confidence he has in the bank.

The price tag for the shares nearly reached his annual salary of $23 million, said Businessweek.

Dimon and his wife own directly and indectly about 5.6 million shares in the comany.

The Financial Times said that Dimon's wife Judy also bought 500,000 shares in the bank this week.

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Last week, it was revealed that JP Morgan lost nearly six billion dollars in a trading loss run out of its London office.

Federal authorities have been called in to investigate what exactly happened and if it could happen again.

This has raised questions about banks once thought to be playing on the safe side.

According to the Financial Times, JPMorgan’s stock has plumetted by 20 per cent in the past three months.

 

 

http://www.globalpost.com/dispatch/news/business/120720/jp-morgan-ceo-buys-17-million-his-own-companys-shares