JPMorgan CEO Dimon, Family to Sell 1 Million Shares of Bank

By Rob Curran

JPMorgan Chase Chairman and Chief Executive Jamie Dimon and his family plan to sell roughly 12% of their stake in the nation's largest bank by assets, as Dimon begins to cash in his holdings after years of accumulating stock in his employer.

In a Securities and Exchange Commission filing, Dimon said he and his family plan to sell 1 million of their roughly 8.6 million in JPMorgan shares for "financial diversification and tax-planning purposes," starting in 2024.

The Dimon family's stake in the bank is worth about $1.21 billion, based on Thursday's closing price. JPMorgan sports a market capitalization of about $408 billion.

Dimon, 67 years old, has led the bank since 2005. In addition to the shares Dimon already owns, he may be awarded over 2 million additional shares, based on performance criteria and the length of time he stays at the helm.

This would be the first time Dimon has sold any of his shares in the bank, according to the filing.

Write to Rob Curran at [e-mail]

(END) Dow Jones Newswires

October 27, 2023 06:52 ET (10:52 GMT)

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