JPMorgan Chase’s CEO Jamie Dimon Completes Sale of $33 Million in Bank Shares
Dimon Completes Planned Sale of 1 Million Shares
CEO Jamie Dimon of JPMorgan Chase has officially sold approximately $33 million of his shares in the bank, according to a regulatory filing released on Monday. This sale completes Dimon’s previously disclosed plan to sell 1 million shares.
Initial Announcement of Share Sale Last October
Last October, JPMorgan announced that Dimon and his family intended to sell 1 million of their 8.6 million shares. This move marked Dimon’s first share sale since assuming the role of CEO in 2005.
Completion of Share Sale
The filing on Monday revealed that Dimon sold the remaining 178,222 shares after offloading 821,778 shares in February, amounting to about $150 million. The sale was primarily for “financial diversification and tax-planning purposes,” as stated by a company spokesperson in October.
No Leadership Succession Implications
The bank clarified that the sale was unrelated to any speculation about leadership succession. JPMorgan did not immediately respond to a request for further comment on Monday.
Market Capitalization and Recent Performance
According to LSEG data, the bank currently has a market capitalization exceeding $525 billion. Despite beating estimates for first-quarter profit last week, JPMorgan fell short of analysts’ expectations for interest income forecasts.
