J.P. Morgan Chase & Co. (JPM) Chief Executive James Dimon picked up 500,000 shares on Thursday and Friday, as he tries to convince investors and employees that the worst of a trading crisis is in the past.
The shares--purchased for himself, his wife and a limited liability corporation--cost $17.1 million.
The CEO disclosed last week that botched bets in the bank's Chief Investment Office ballooned to $5.8 billion by the end of the second quarter, and could still climb above $7 billion. The episode has raised questions about risk management weaknesses at J.P. Morgan, long considered one of the best-managed U.S. banks.
Next month Mr. Dimon embarks on a bus tour of the Midwest, where he will meet with employees and conduct site visits. Last August he went on a similar tour of the West Coast.
Like other major bank stocks, J.P. Morgan has been trading at a substantial discount to its reported net worth, or book value. Shares of the company, off 17% over the past year, dropped 56 cents, or 1.6%, Friday to $33.90--around 29% below its recent reported book value.
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