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JPMorgan CEO Dimon buys 360k shares
Friday - 7/20/2012, 5:47pm EDT
NEW YORK (AP) - JPMorgan Chase CEO Jamie Dimon is boosting his stake in the bank by 360,000 shares.
A regulatory filing Friday says Dimon spent about $12.3 million to buy the shares on Thursday and Friday. The average price was $34.14. JPMorgan shares fell 56 cents Friday to close at $33.90.
JPMorgan shares have been hammered because of a multibillion-dollar loss by the bank's traders this spring. The loss was first described in news reports April 5. Since then, JPMorgan shares have lost one-fourth of their value.
The purchases boost Dimon's direct personal stake in JPMorgan by 12 percent, to 3.2 million shares from 2.9 million shares. He has the second-biggest individual stake in the bank.
The filing says Dimon's wife and companies that he controls bought an additional 140,000 shares.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)