The CEO, who has a net worth of about $2 billion, will unload about 1 million shares.
Jamie Dimon greatly admires Warren Buffett but he’s not following Buffett’s lead as far as his large holding in JPMorgan Chase stock.
Dimon, the CEO since 2006, and his family hold about 8.6 million shares worth $1.2 billion and plan to sell one million shares. This will be the first sale of stock during his tenure at the country’s top bank. Bloomberg has put Dimon’s net worth at about $2 billion. Evidently aware of the potential signaling effect of such a stock sale intention, Dimon said in the filing that he “continues to believe the company’s prospects are very strong and his stake in the company will remain very significant.”Buffett likes having all his eggs in one basket with 99% of his wealth in Berkshire stock now worth over $110 billion. His unwillingness to sell a single share since gaining control of Berkshire in 1965 also has sent a reassuring message to Berkshire holders.
Under Dimon’s leadership, JP Morgan stock has outperformed the overall market and financial stocks generally. During the past 10 years, the stock has returned more than 13% annually, against 12% for the S&P 500, 8% for rival Bank of America , and 4% for the KBW Nasdaq Bank index. Not many big banks have topped the S&P 500.
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