JPMorgan's Dimon buys more than $25 million of company stock: source

JPMorgan Chase Chairman and CEO Jamie Dimon speaks during a discussion at the Aspen Institute in Washington in this December 12, 2013 file photo. REUTERS/Mike Theiler·Reuters
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NEW YORK (Reuters) - Jamie Dimon, chief executive officer of JPMorgan Chase & Co (JPM.N), recently bought 500,000 shares of the company's stock worth more than $25 million, according to a person familiar with the matter.

JPMorgan shares closed at $53.07 on Thursday. The stock has fallen nearly 20 percent this year, in line with the decline of the KBW Bank Stock index (.BKX).

JPMorgan shares have fallen as the outlook for bank profits has dimmed with expectations of continued low interest rates, higher costs for bad loans, particularly related to energy, and a slow economy.

JPMorgan said last month that its tangible book value, which is its net worth, was $48.13 per share at the end of December.

Dimon's share purchase was earlier reported by The Wall Street Journal.

(Reporting by David Henry in New York; Editing by Matthew Lewis and Leslie Adler)

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