Reportedly, Jamie Dimon, the Chairman and CEO of JPMorgan Chase bought worth $26.6 million shares of his own bank. That might indicate his confidence in the bank although stocks have dropped to lower than they were about two years back.
Reportedly, through his recent investment Dimon has acquired 500,000 shares of JPMorgan Chase. And that totals to 6.7 million shares in JPMorgan Chase holdings for the CEO, which is worth $358 million.
Some think the action might be a way to reassure the market about the bank's financial standing more so, looking at the pay package of Dimon last year. However, buying big amount of shares in one's own company gives an image of confidence regarding the company's performance and the market gets added reassurance.
This year, stocks of JPMorgan Chase dropped twenty percent in according to Forbes. Not only JOorgan but the trend seems to be true for several of the key banks all around the world.
The bank right now does not reflect any financial trouble as its net income in 2015 was $24.4 billion an increase of twelve percent compared to 2014.
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