Dimon plans to sell $141 million worth of JPMorgan shares
This would be Dimon’s first such stock sale during his tenure at the company
London: JPMorgan Chase & Co. CEO Jamie Dimon wants to sell shares currently worth about $141 million, the first such transaction since he took the helm at the Wall Street giant almost 18 years ago.
Dimon and his family plan to kick off the disposal of 1 million of the lender’s shares next year for financial diversification and tax-planning purposes, according to a regulatory filing on Friday. JPMorgan shares closed at $140.76 in New York on Thursday.
The top executive “continues to believe the company’s prospects are very strong and his stake in the company will remain very significant,” JPMorgan said in the statement. The deal is subject to the terms of the company’s stock trading plan.
The transaction next year would be “Dimon’s first such stock sale during his tenure at the company,” according to the filing.
Dimon is the longest-serving CEO of a major US bank. Another long-term CEO - James Gorman at Morgan Stanley - will be replaced in January by Co-President Ted Pick, ending a 14-year run.
Dimon - whose net worth is estimated at about $2 billion by the Bloomberg Billionaires Index - and his family currently hold approximately 8.6 million shares of JPMorgan.