JPMorgan Chase CEO Jamie Dimon will start to promote a million shares of the financial institution he runs subsequent yr, the corporate stated Friday in a filing.
The plan sparked concern that Dimon, 67, may very well be considering retirement. Dimon is arguably the nation’s high banker. He has led JPMorgan since 2005, serving to construct it into the largest and most worthwhile American financial institution. His stewardship included navigating JPMorgan by two banking crises, serving to stabilize the business by buying failed banks.
Prior to now, Dimon has by no means offered shares of JPMorgan apart from technical causes akin to exercising choices. He has additionally spent his own money snapping up JPMorgan shares up to now.
Shares of the financial institution slipped 3%, worse than the two% decline of the KBW Financial institution Index.
“This can be a reminder that the CEO is getting nearer to retirement,” Wells Fargo analyst Mike Mayo stated in a word. Dimon might transition from his present position in about three and a half years, if prior statements show correct, Mayo added.
A spokesperson for the New York-based financial institution stated the transfer wasn’t associated to succession planning, and that Dimon has “no present plans” for one more sale, although his wants may change over time.
Right here is the financial institution’s assertion:
Chairman & CEO Jamie Dimon confirmed as we speak that he and his household plan to promote a portion of their holdings of JPMorgan inventory for monetary diversification and tax-planning functions. Beginning in 2024 they at present intend to promote 1 million shares, topic to the phrases of a inventory buying and selling plan. That is Mr. Dimon’s first such inventory sale throughout his tenure on the firm.
Mr. Dimon continues to consider the corporate’s prospects are very robust and his stake within the firm will stay very vital. He and his household at present maintain roughly 8.6 million shares, and as well as he continues to have unvested Efficiency Share Models regarding 561,793 shares and Inventory Appreciation Rights regarding 1,500,000 shares, topic to the phrases and circumstances of every grant.
Mr. Dimon will use inventory buying and selling plans to promote his shares, in accordance with pointers specified underneath Rule 10b5-1 of the Securities and Trade Act of 1934.
Do not miss these CNBC PRO tales:
