JPMorgan Chase CEO Jamie Dimon has put down $26.6 million of his own money to buy his bank’s recently battered shares.
The purchase, disclosed in a recent company filing, shows that Dimon added 500,000 shares of JPMorgan Chase to his own portfolio and various family trusts.
Dimon now controls 6.7 million shares, worth $358 million based on Thursday’s closing price.
The purchase is an unusual move for Dimon, who has acquired most of his shares through stock grants in the form of bonuses and stock options, which typically allow him to purchase stock at a greatly reduced price.
At $53.18 per share, the purchase is basically equal to Dimon’s entire compensation package for 2015, in which he received $27 million, most in the form of stock.
JPMorgan shares are down nearly 20% this year, and are off 25% from the bank’s all-time high reached last July. With most banks taking a big hit during the recently global rout, it seems like a good time to buy.
JPMorgan appears especially healthy among its banking and investment bank peers. The bank reported record net income of $24.4 billion last year, up 12% from 2014.
The bank is not commenting on Jamie Dimon’s big stock buy at this time.