JPMorgan CEO Jamie Dimon Bought $26 Million Of Company's Stock

Shares of JPMorgan Chase & Co. JPM were trading higher by nearly 4 percent early Friday following a report that the company's CEO made a large purchase of the bank's stock. According to The New York Times, JPMorgan CEO and Chairman Jamie Dimon bought $26 million worth of JPMorgan's stock on Thursday following a near 20 percent drop since the start of 2016. The New York Times cited "a person with knowledge of the transaction but not authorized to speak publicly about it" in its report. The publication also noted that Dimon's compensation in 2015 rose to $27 million, implying the executive essentially used of all last year's salary to buy company stock. The New York Times also noted that Dimon's purchase may serve as a "recognition" that shares of financial companies have become "relatively cheap."