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

  • Chief executive buys 500,000 shares for $26.6 million
  • JPMorgan stock advances the most in more than four years
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What's Going on With the Banks?

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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.