JPMorgan Chase’s Jamie Dimon and his family to sell $141 million of stock in 2024
JPMorgan Chase CEO Jamie Dimon testifies before the Senate Banking and Urban affairs Committee on September 22
By Krystal Hur, CNN
New York (CNN) — 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.
CNN has reached out to the company for comment.
Shares of JPMorgan Chase have climbed roughly 5% this year during what’s been a tough environment for banks. 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. The bank in May acquired most assets of collapsed regional lender First Republic, a move that helped JPMorgan Chase’s profit jump 35% last quarter.
But Dimon has warned that the Federal Reserve’s fight against inflation isn’t over and could weaken the remarkably resilient economy. He has also sounded alarm bells that wars in Ukraine, Israel and Gaza could have damaging consequences for global financial markets and geopolitical relationships.
“Now may be the most dangerous time the world has seen in decades,” Dimon said earlier this month, when announcing the bank’s third-quarter financial results.
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