The chief executives of Bank of America Corp. and JPMorgan Chase & Co. disclosed recent purchases of their companies' stock, according to regulatory filings.
Kenneth D. Lewis, B of A's chairman, president, and CEO, spent about $1.2 million buying company stock Tuesday.
He bought 200,000 shares priced at between $5.98 and $6.06 each, according to a filing Wednesday. During a broad decline in bank shares a day earlier, the stock fell 29%, to $5.10, its lowest point in over a decade.
Last week the Charlotte company reported a fourth-quarter loss of $2.39 billion and revealed that it would sell another $20 billion of preferred stock to the Treasury Department. B of A also disclosed that it had entered a loss-sharing agreement with the government after Merrill Lynch & Co. Inc., the New York investment bank it bought Jan. 1, reported a fourth-quarter loss of $15.31 billion.ive other directors also disclosed stock purchases.
James Dimon, the chairman, president, and CEO at JPMorgan Chase, bought 500,000 shares of his New York company's stock Friday, according to a filing. He paid about $11.5 million, or $23 a share, a day after JPMorgan Chase reported a $702 million profit largely due to an accounting adjustment tied to the Washington Mutual Inc. purchase.
B of A shares rebounded Wednesday in a market recovery, rising 31%, to $6.68. JPMorgan Chase rose 25.1%, to $22.63.