Jamie Dimon will do something he has never done in his nearly two decades as head of JPMorgan Chase – sell stock in the company.
Top executives at the country’s largest bank will sell 1 million shares starting next year, according to regulatory filings this week.
JPMorgan Chase sought to reassure investors that the stock sales were not a concern.
“Mr. Dimon continues to believe that the company’s prospects are very strong and that his stake in the company will remain significant,” the filing said.
Dimon and his family currently own about 8.6 million shares of the bank.
And JPMorgan Chase became a giant under Dimon’s leadership.
Dimon became CEO of JPMorgan Chase in January 2006 and chairman a year later. The bank, which has assets of $3.2 trillion, has tripled in value during Dimon’s tenure and now has a market value of more than $409.1 billion, according to FactSet data.
JPMorgan shares have also tripled over the same period and are up another 10% last year.
Bank of New York reports surge 35% Profits rose sharply in the latest quarter, driven by rapidly rising interest rates.
Dimon is also considered a strong and outspoken voice on Wall Street. He made a sobering statement about the current state of world affairs and economic instability.
Two weeks ago, when the bank released another blockbuster earnings report, Dimon warned that “this could be the most dangerous period the world has seen in decades.”
Dimon listed a series of major issues: Russian-Ukrainian WarA new war between Israel and Palestine Gazahigh levels of government debt and deficits, high inflation, and tight labor markets as workers demand higher wages. high profile strike in manufacturing and entertainment.
JPMorgan Chase & Co. shares fell more than 2% on Friday.
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