Chief executive intends to dispose of 1mn shares through equity trading plans next year
JPMorgan chief executive Jamie Dimon will sell 1mn shares in the bank next year, the first time he has reduced his stake in the group since joining nearly two decades ago. At current market prices, the sale would net Dimon more than $140mn, although he and his family would continue to own about 7.6mn shares. Including options, Dimon’s position in the group is worth $1.4bn. In a regulatory filing, JPMorgan said the sale was for “financial diversification and tax-planning purposes”, adding that “Dimon continues to believe the company’s prospects are very strong and his stake in the company will remain very significant”. The sale will raise questions about how long Wall Street’s longest-serving chief executive intends to stay on in the role. Dimon’s rival at Morgan Stanley, James Gorman, announced this week that he would step down as CEO at the end of the year. JPMorgan used to highlight the fact that Dimon had “not sold a single share of JPMorgan Chase common stock”. A spokesperson for the bank said the sales had no connection to succession planning and that Dimon had “no plans to enter into another such sale but will of course consider his financial planning needs over time”.
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