Dimon Buys $17 Million of JPMorgan’s Shares
JPMorgan Chase & Co. (JPM) Chief Executive Officer Jamie Dimon, his wife and a limited-liability company linked to him bought $17.1 million of the bank’s shares after the stock slid amid trading losses.
Trusts tied to Dimon and the limited-liability firm sold $13.5 million in preferred shares in the New York-based bank, according to a regulatory filing today with the U.S. Securities and Exchange Commission. The transactions occurred yesterday and today, the filing shows.
JPMorgan, the biggest U.S. bank by assets, has declined 24 percent since Bloomberg News first reported on April 5 that a unit of the New York-based bank had amassed credit-derivative bets big enough to move markets. The firm said July 13 that losses on the trades had reached $5.8 billion this year and may eventually amount to as much as $7.5 billion.
“I expect this is meant as a sign of his confidence in the bank,” John Coffee, a securities-law professor at Columbia University Law School, said in an e-mail.
Dimon, 56, and his wife directly or indirectly hold more than 5.6 million shares of the bank, according to the filing. The holdings are worth about $190 million, based on today’s closing price of $33.90.
Joe Evangelisti, a spokesman for the bank, declined to comment on Dimon’s transactions.
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