JPMorgan Chase & Co. announced on Friday that Chief Executive Jamie Dimon and his family will be selling approximately $140 million worth of company stock. This marks Dimon's first stock sale during his tenure at the bank.
Starting next year, Dimon intends to sell one million shares of JPMorgan Chase JPM, +0.26% stock, as outlined by a stock trading plan. The purpose of this sale is to achieve financial diversification and for tax planning reasons, according to a filing.
Despite the sale, the filing emphasizes that Dimon remains confident in the company's prospects and maintains a significant stake in the company.
Currently, Dimon and his family hold around 8.6 million shares. In addition, Dimon possesses unvested performance share units related to 561,793 shares and stock appreciation rights on 1.5 million shares, which are subject to specific terms and conditions.
Dimon plans to sell both common stock and New York Stock Exchange depositary shares across several series of non-cumulative preferred stock.
As of 2023, JPMorgan Chase & Co.'s stock has experienced a 5% increase, while the Dow Jones Industrial Average DJIA has seen a decline of 1.1%.
Dimon, aged 67, is entitled to a $50 million bonus detailed in his 2021 pay package, but this bonus is contingent upon his continuation in the role until 2026. It consists of stock awards that cannot be sold until 2031.
Having assumed the position in 2005, Dimon is presently the longest-serving chief executive among the six largest banks in the United States. He initially joined JPMorgan Chase as the chief operating officer in 2004 following its merger with Bank One.
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