If you're the CEO of a company whose stocks are plummeting, the only thing to do is buy them all up. That's what Jamie Dimon thinks, at least, as the Chairman and CEO of JPMorgan Chase just bought $26.6 million worth of shares for his bank, Bloomberg reported.
The move was a result of stocks dropping lower than they had in more than two years.
The recent investment gained Dimon 500,000 shares of JPMorgan chase, according to CNN. In total, the CEO now has 6.7 million shares in JPMorgan Chase holdings worth $358 million.
This purchase was particularly unusual, as it represents almost how much Dimon was paid in 2015. It may be a way of trying to reassure the market, however, as buying up a large amount of shares in ones own company has a tendency to increase confidence in the financial market.
JPMorgan Chase stocks fell 20 percent in this past year alone, according to Forbes. This continues to be a trend for many well-known banks across the globe.
However, the bank doesn't appear to be in any financial trouble. Its net income in 2015 was $24.4 billion, up 12 percent form 2014.
