JPMorgan boss buys €23.6m worth of bank’s shares

Jamie Dimon, chairman and CEO of JPMorgan Chase, spent $26.6m (€23.66m) to buy shares of his bank on Thursday after they tumbled to the lowest price in more than two years. Yesterday, the stock surged 8%, the most in more than four years.

Mr Dimon, 59, bought 500,000 shares, bringing his total holding to 6.75m shares, according to a regulatory filing.

He made the purchase because he believes the stock is cheap after a worldwide rout in equities, according to a person with knowledge of his thinking. JPMorgan, the largest US lender by assets, had dropped 20% this year through the end of regular trading on Thursday in New York.