JPMorgan Chase CEO Jamie Dimon will start to promote one million shares of the bank he runs subsequent yr, the corporate mentioned Friday in a filing.
The plan sparked concern that Dimon, 67, might 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 bank. His stewardship included navigating JPMorgan by way of two banking crises, serving to stabilize the trade by buying failed banks.
Before 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 bank slipped practically 4%, worse than the two.5% decline of the KBW Bank Index.
“This is a reminder that the CEO is getting nearer to retirement,” Wells Fargo analyst Mike Mayo mentioned in a be aware. 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 bank mentioned 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.
Here is the bank’s assertion:
Chairman & CEO Jamie Dimon confirmed immediately that he and his household plan to promote a portion of their holdings of JPMorgan stock for monetary diversification and tax-planning functions. Starting in 2024 they presently intend to promote 1 million shares, topic to the phrases of a stock buying and selling plan. This is Mr. Dimon’s first such stock sale throughout his tenure on the firm.
Mr. Dimon continues to consider the corporate’s prospects are very sturdy and his stake within the firm will stay very important. He and his household presently maintain roughly 8.6 million shares, and as well as he continues to have unvested Performance Share Units regarding 561,793 shares and Stock Appreciation Rights regarding 1,500,000 shares, topic to the phrases and situations of every grant.
Mr. Dimon will use stock buying and selling plans to promote his shares, in accordance with pointers specified underneath Rule 10b5-1 of the Securities and Exchange Act of 1934.
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