Maybe if he bought a billion dollars it might improved confidence… Now, if he really wanted to improve confidence he’d resign… (and turn himself in).
Dimon bets the farm on the House of Morgan…
Chairman said to buy 500,000 shares to boost confidence in banking industry
J.P. Morgan Chase & Co. Chairman and Chief Executive James Dimon bought 500,000 of his bank’s shares on Thursday, a person familiar with the matter said.
The $26 million purchase is designed to stem the tide of negative sentiment overwhelming bank stocks this year. The big-ticket stock purchase from one of the country’s most well-known bankers followed a 20% decline in J.P. Morgan’s JPM, -4.41% share price so far this year and a broader selloff that has hit big banks such as Citigroup Inc. C, -6.50% and Bank of America Corp. BAC, -6.84% particularly hard.
Bank stocks have fallen about twice as much as broader stock-market averages this year as investors fret over slowing economic growth, falling energy prices and the possibility that interest rates will fall, a tough…
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