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