The chief executives of Bank of America and JPMorgan bought some of their companies’ stock in the last week, a sign of confidence in the struggling banking sector, reports Reuters. Ken Lewis, BofA’s chief executive, spent about $1.2m on Tuesday to buy 200,000 common shares, four days after the largest US bank posted its first quarterly loss in 17 years. JPMorgan CEO Jamie Dimon spent about $11.5m on Friday to buy 500,000 shares, a day after the second-largest US bank said Q4 profit fell 76%. The purchases were disclosed in separate filings with the SEC, and in Lewis’ case, triggered a broad rally in bank shares.

This entry was posted by Gwen Robinson on Thursday, January 22nd, 2009 at 5:49 and is filed under Capital markets, People. Tagged with BofA, jpmorgan. Edit this entry.