JP Morgan CEO buys $17 million of his own company’s shares
JP Morgan CEO Jamie Dimon purchased $17 million in shares in his own company Saturday.
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.
More from GlobalPost: Peru, Latin America’s hidden growth story
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.
The story you just read is available for free because thousands of listeners and readers like you generously support our nonprofit newsroom. Every day, reporters and producers at The World are hard at work bringing you human-centered news from across the globe. But we can’t do it without you: We need your support to ensure we can continue this work for another year.
Make a gift today, and you’ll get us one step closer to our goal of raising $25,000 by June 14. We need your help now more than ever!