JPMorgan Chase CEO Jamie Dimon to sell company stock for first time
Chief executive confirmed ‘financial diversification and tax-planning purposes’ for sale
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JPMorgan Chase chairman and CEO Jamie Dimon will soon sell some of his family’s holdings in the bank for the first time, offloading 1 million of the total 8.6 million shares for "financial diversification and tax-planning purposes," according to a regulatory filing.
The sale will give Dimon nearly $141 million, while representing less than 10% of his overall stake, worth roughly $1.07 billion.
Jamie Dimon, chairman and CEO of JPMorgan Chase, appears during a House Financial Services Committee hearing in Washington, D.C., on Sept. 21, 2022. (Al Drago/Bloomberg via Getty Images / Getty Images)
The transaction will take place in 2024, and Dimon "will use stock trading plans to sell his shares, in accordance with guidelines specified under Rule 10b5-1 of the Securities and Exchange Act of 1934," the Securities and Exchange Commission (SEC) said in the filing.
According to Reuters, the sale is not related to leadership succession, a company spokesperson said.
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Dimon took over the helm at JPMorgan in late 2005 and was named chairman and president the next year.
"Mr. Dimon continues to believe the company’s prospects are very strong and his stake in the company will remain very significant," the SEC said.
JPMorgan Chase
JPMorgan Chase has not responded to earlier requests for comment from FOX Business.
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Dimon has an estimated net worth of $1.7 billion, according to Forbes, while JPMorgan Chase’s market capitalization tops out at $394 billion, per Thomson Reuters.
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On Tuesday, Dimon made news by warning against relying on the economic forecasts of central banks like the Federal Reserve, calling their projections "100% dead wrong."
The Fed will decide next week on another potential round of interest rate hikes after pausing them for the second time of 2023 in September. Interest rates are currently at a range of 5.25% to 5.5%.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| C | CITIGROUP INC. | 69.33 | +1.05 | +1.55% |
| BAC | BANK OF AMERICA CORP. | 46.73 | +0.67 | +1.45% |
| GS | THE GOLDMAN SACHS GROUP INC. | 598.91 | +17.09 | +2.94% |
| WFC | WELLS FARGO & CO. | 75.36 | +1.79 | +2.43% |
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FOX Business’ Breck Dumas and Megan Henney and Reuters contributed to this report.