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Jamie Dimon, chairman and CEO of JPMorgan Chase, will soon sell some of his family’s shares in the bank for the first time, divesting 1 million of the 8.6 million shares for “financial diversification and tax planning reasons,” according to a regulatory filing.
The sale will net Dimon nearly $141 million, less than 10% of his total stake, worth about $1.07 billion.
JPMorgan Chase Chairman and CEO Jamie Dimon appears during a House Financial Services Committee hearing on September 21, 2022 in Washington, DC (Al Drago/Bloomberg via Getty Images / Getty Images)
The transaction will take place in 2024 and Dimon “will utilize stock trading plans to sell its shares in accordance with the guidelines set forth in Rule 10b5-1 under the Securities and Exchange Act of 1934,” the Securities and Exchange Commission (SEC) said. in the file.
According to Portal, the sale is not related to the succession at the top, a company spokesman said.
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Dimon took the helm at JPMorgan in late 2005 and was named chairman and president the following year.
“Mr. Dimon continues to believe that the Company’s prospects are very good and that his ownership interest in the Company will continue to be very significant,” the SEC said.
JPMorgan Chase did not respond to FOX Business’ previous requests for comment.
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According to Forbes, Dimon has an estimated net worth of $1.7 billion, while JPMorgan Chase’s market cap is $394 billion, according to .
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On Tuesday, Dimon made headlines when he warned against relying on the economic forecasts of central banks like the Federal Reserve, calling their forecasts “completely wrong.”
The Fed will decide next week on another possible round of interest rate hikes after suspending them in September for the second time in 2023. Interest rates are currently in a range of 5.25% to 5.5%.
| ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| C | CITIGROUP INC. | 38.24 | -1.08 | -2.76% |
| BAC | BANK OF AMERICA CORP. | 25.17 | -0.96 | -3.67% |
| G.S | THE GOLDMAN SACHS GROUP INC. | 289.90 | -6.91 | -2.33% |
| WFC | Wells Fargo & Co. | 38.76 | -0.89 | -2.24% |
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Breck Dumas and Megan Henney of FOX Business and Portal contributed to this report.