With financial stocks getting crushed amid the August market rout, several Wall Street CEOs who have their money tied up in their respective banks’ stocks are losing big time.
Of course it’s a good sign that these guys are losing money, because it means that they have faith in the value of their firm.
But watching CEOs personal fortunes slip away is a double-edged sword for shareholders, who are also losing big time.
Here are the financial CEOs who are the big losers according to Bloomberg:
- Goldman Sach’s Lloyd Blankfein lost about $52 million of his personal wealth this month (Ouch! That’s gotta hurt.)
- JPMorgan’s Jamie Dimon has lost $31 million this month. (He seemed pretty optimistic yesterday.)
- Morgan Stanley’s James Gorman had $5.4 million in total stock losses since July 29.
- Citi’s Vikram Pandit has lost $4.6 million since the beginning of August.
- Bank of America’s Brian Moynihan lost $1.4 million as of July 29. (He said his entire net worth was in BofA yesterday)
According to the report which examined SEC company filings, the five Wall Street CEOs own a combined $439 million in common stock, down from about $531 million on July 29.