JPMorgan’s Dimon follows through on million-share sale

Banking Dive· Industry Dive
In this article:

JPMorgan Chase CEO Jamie Dimon followed through Monday on his push to sell 1 million shares of the bank he runs, according to a Securities and Exchange Commission filing.

Dimon offloaded 178,222 shares, worth $184.18 apiece, according to the filing. That brings Dimon’s total of shares divested this year to 1 million exactly, aligning with a plan he announced last October. The bank disclosed in February that he sold 821,778 JPMorgan shares, Dimon’s first-ever sale of JPMorgan stock since he ascended to the bank’s top role in 2005.

The sales underscore that the clock is ticking toward his eventual handoff of power. For years, when analysts would ask how long Dimon intended to remain CEO, he would reply “five years.” JPMorgan’s board — perhaps cheekily — called Dimon’s bluff in 2021, offering him a one-time award of $52 million in stock options he won’t be able to access unless he remains with the bank until 2026.

But also in 2021, Dimon set in motion a succession race largely seen as between JPMorgan’s commercial and investment bank co-CEO, Jennifer Piepszak, and the bank’s consumer and community banking chief, Marianne Lake. And last May, Dimon budged on his “five years” timeline, saying he planned to remain another “3½” years.

Dimon’s divestment — Monday’s portion amounts to $32.8 million — leaves his family with 7,662,096 shares in the bank. JPMorgan’s share price closed at $182.89 on Monday — far above the roughly $40 per share at which Bloomberg reports it traded when Dimon became CEO.

This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter.

Advertisement