Stock correction? What will Jamie Dimon do this time?

Two years ago, the last time the S&P 500 was in a correction, JPMorgan Chase (NYSE:JPM) CEO Jamie Dimon decided to act.

He bought 500,000 shares of the bank’s stock at $26.6 million in February 2016 and helped trigger a turnaround that made it possible for the S&P 500 to deliver a total return of 12% for that year.

That last correction was from May 21, 2015 to Feb. 11, 2016, according to an Associated Press compilation. A correction is often defined as a drop of 10% from a recent high, interrupting a rally.

The S&P 500 was close to another correction Tuesday, having fallen 7.8% from its all-time high of 2,872.87, reached on Jan. 26.

JPMorgan declined to comment.