JPMorgan CEO Dimon buys 360K shares

[July 21, 2012]  NEW YORK (AP) -- JPMorgan Chase CEO Jamie Dimon is boosting his stake in the bank by 360,000 shares.

A regulatory filing Friday says Dimon spent about $12.3 million to buy the shares on Thursday and Friday. The average price was $34.14. JPMorgan shares fell 56 cents Friday to close at $33.90.

JPMorgan shares have been hammered because of a multibillion-dollar loss by the bank's traders this spring. The loss was first described in news reports April 5. Since then, JPMorgan shares have lost one-fourth of their value.

The purchases boost Dimon's direct personal stake in JPMorgan by 12 percent, to 3.2 million shares from 2.9 million shares. He has the second-biggest individual stake in the bank.

The filing says Dimon's wife and companies that he controls bought an additional 140,000 shares.

[Associated Press]

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.