JPMorgan Chase’s CEO, Jamie Dimon, plans to divest company stock for the first time.

JPMorgan Chase’s CEO, Jamie Dimon, plans to divest company stock for the first time.

JPMorgan Chase’s Chairman and CEO, Jamie Dimon, is set to sell a portion of his family’s holdings in the bank for the first time. This move involves offloading 1 million of the total 8.6 million shares. The reason behind this divestiture, as stated in a regulatory filing, is “financial diversification and tax-planning purposes.”

The sale is expected to provide Dimon with nearly $141 million, while it accounts for less than 10% of his overall stake, which is approximately valued at $1.07 billion. This transaction is scheduled for 2024, and Dimon will employ stock trading plans in accordance with the guidelines outlined in Rule 10b5-1 of the Securities and Exchange Act of 1934, as detailed in the Securities and Exchange Commission (SEC) filing.

It’s worth noting that the sale is unrelated to leadership succession, according to a company spokesperson. Jamie Dimon assumed the leadership of JPMorgan in late 2005 and was subsequently named chairman and president in the following year.

The SEC mentioned, “Mr. Dimon continues to believe the company’s prospects are very strong, and his stake in the company will remain very significant.” JPMorgan Chase has not responded to previous requests for comment from FOX Business.

Jamie Dimon’s estimated net worth stands at $1.7 billion, as reported by Forbes, and JPMorgan Chase has a market capitalization of $394 billion, according to Thomson Reuters.

Dimon made headlines by cautioning against relying on the economic forecasts of central banks, including the Federal Reserve, stating that their projections are “100% dead wrong.” The Federal Reserve is expected to make a decision on another potential round of interest rate hikes next week, following a pause in September 2023. The current interest rate range is 5.25% to 5.5%.

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