JPMorgan Chase CEO Jamie Dimon will sell a portion of his stake in the bank in 2024 for the first time in his nearly 18 years at the company.
Dimon and his family intend to sell 1 million of the 8.6 million shares they own, subject to the terms of a stock trading plan, the bank said in a regulatory filing Friday.
Based on Thursday’s closing price, the sale would net them about $141 million, and their remaining stake would amount to $1.07 billion. The bank has a market capitalization of more than US$409 billion, according to LSEG data.
The purpose of the sale is “financial diversification and tax planning” and Dimon “continues to believe that the company’s prospects are very strong”the bank said.
Shares of JPMorgan were down 0.7% in pre-market trading, while those of Bank of America, Citigroup and Wells Fargo rose slightly.
Forbes estimates Dimon’s net worth to be around $1.7 billion.
During his tenure at the largest U.S. bank, Dimon navigated the 2008 financial crisis. He also orchestrated a rescue deal for First Republic Bank earlier this year after it collapsed in May, when industry turbulence caused a spiral. of deposit withdrawals.
So far this year, JPMorgan shares are up 5% and have far outperformed the S&P 500 bank index, which is down 15.3%.
Source: Gestion
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