In a significant move, JPMorgan Chase CEO Jamie Dimon has sold approximately $150 million worth of his shares in the bank, according to a Securities and Exchange Commission (SEC) filing on Thursday.
This marks the first time since taking charge in 2005 that Dimon, one of the longest-serving chief executives on Wall Street, has sold shares.
The CEO and his family had previously indicated their intention to sell 1 million of their 8.6 million shares, as stated in a filing from October 2023.
Thus far, Dimon has sold off 821,778 bank shares. JPMorgan Chase & Co. holds a market capitalization exceeding $527 billion, according to London Stock Exchange Group (LSEG) data.
The sale is unrelated to leadership succession, and a bank spokesperson confirmed that Dimon has no current plans to sell more stock.
However, the spokesperson added that such a move could be considered. The decision to sell shares comes after JPMorgan reported its largest-ever annual profit in the previous year and completed the acquisition of failed regional lender First Republic Bank in May, contributing to the bank’s strengthened profitability.
Dimon’s compensation for 2023 witnessed a 4.3% increase, totaling $36 million. Despite the sale of shares, the move does not indicate any immediate leadership changes or concerns about the bank’s performance.
The CEO’s decision to sell some of his holdings aligns with his previously stated plans and underscores the dynamic nature of financial markets and executive portfolio management.
