JPMorgan Chase chief executive Jamie Dimon and his family plan to sell one million of their shares in the bank starting next year, according to a new securities filing.
Dimon — who will use his stock trading plans to offload his shares — and his family currently own roughly 8.6 million shares in the company. The move marks Dimon’s first stock sale during his 17 years at the company’s helm. JPMorgan Chase shares closed at $140.76 on Thursday, putting the transaction’s worth at roughly $141 million. “Mr. Dimon continues to believe the company’s prospects are very strong and his stake in the company will remain very significant,” JPMorgan Chase said in the filing.
The Federal Reserve’s aggressive pace of interest rate hikes, which began in 2022, has crimped demand for loans and forced banks to pay up for clients’ high-yielding holdings. At the same time, banks have watched the value of their own bond investments erode in value. JPMorgan Chase, the largest US bank by assets, has managed to turn out earnings beats this year despite the stormy conditions.
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