Di­mon’s stock ac­qui­si­tion makes him $2.2 mil­lion richer in a day

The Pak Banker - - COMPANIES/BOSS -

Jamie Di­mon CEO JPMor­gan only had to wait a day for his big bet on JPMor­gan Chase & Co. to pay off.

The bank's shares jumped 8.3 per­cent in New York trad­ing Fri­day -- the most since Novem­ber 2011 -- af­ter the chief ex­ec­u­tive of­fi­cer spent $ 26.6 mil­lion for 500,000 shares. Di­mon's pa­per gain was about $2.2 mil­lion af­ter the price surged to $57.49. He paid from $53.13 to $53.30 apiece on Thurs­day.

Fi­nan­cial stocks ral­lied as the 24-com­pany KBW Bank In­dex, which had plunged 23 per­cent this year through Thurs­day, rose 5.4 per­cent on Fri­day. Di­mon, 59, now owns a to­tal of 6.75 mil­lion shares in the New York- based len­der he's run since the end of 2005. He bought the ad­di­tional shares be­cause he be­lieves the stock is cheap af­ter a world­wide rout in eq­ui­ties, ac­cord­ing to a per­son with knowl­edge of his think­ing.

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