Advertisement
Canada markets closed
  • S&P/TSX

    21,873.72
    -138.00 (-0.63%)
     
  • S&P 500

    5,071.63
    +1.08 (+0.02%)
     
  • DOW

    38,460.92
    -42.77 (-0.11%)
     
  • CAD/USD

    0.7302
    +0.0004 (+0.06%)
     
  • CRUDE OIL

    82.77
    -0.04 (-0.05%)
     
  • Bitcoin CAD

    88,421.73
    -3,017.84 (-3.30%)
     
  • CMC Crypto 200

    1,396.82
    -27.28 (-1.92%)
     
  • GOLD FUTURES

    2,330.20
    -8.20 (-0.35%)
     
  • RUSSELL 2000

    1,995.43
    -7.22 (-0.36%)
     
  • 10-Yr Bond

    4.6520
    +0.0540 (+1.17%)
     
  • NASDAQ futures

    17,487.50
    -177.00 (-1.00%)
     
  • VOLATILITY

    15.97
    +0.28 (+1.78%)
     
  • FTSE

    8,040.38
    -4.43 (-0.06%)
     
  • NIKKEI 225

    37,987.18
    -472.90 (-1.23%)
     
  • CAD/EUR

    0.6818
    -0.0001 (-0.01%)
     

JPMorgan CEO Jamie Dimon sells off $150 million of shares in first-ever sale since taking over the banking giant

Jamie Dimon of JPMorgan Chase in December 2023
Jamie Dimon, CEO of JPMorgan ChaseAlex Brandon/AP
  • JPMorgan CEO Jamie Dimon sold off $150 million of shares on Thursday.

  • It's the first time in Dimon's 18 years leading the company that he's sold any shares.

  • Dimon indicated in a filing he believes the company's outlook remains "very strong."

The CEO of JPMorgan Chase on Thursday sold $150 million worth of shares in the banking giant, his first-ever sale since taking over the company 18 years ago.

According to a filing with the US Securities and Exchange Commission, Jamie Dimon offloaded about 822,000 shares in the sale. He still holds about 7.7 million shares in the company, Bloomberg reported.

ADVERTISEMENT

Since Dimon became CEO in 2006, the value of the company's assets, along with its stock value, has tripled, per Fortune. The bank reported a 35% jump in profits in the most recent quarter, the Associated Press reported, and recorded the largest-ever annual profit for any US bank in 2023, raking in $49.6 billion.

In response to the massive profits, the bank's board gave Dimon a 4% pay bump to $36 million, including his base pay and performance-based share units, Business Insider previously reported.

Dimon and representatives for JPMorgan did not immediately respond to requests for comment from BI.

An October filing announcing the planned sale indicates Dimon chose to sell the stocks "for financial diversification and tax-planning purposes" and that he "continues to believe the company's prospects are very strong."

More sales may be coming, as the October filing indicated Dimon and his family planned to sell 1 million total shares.

Other JPMorgan insiders also sold shares on Thursday, per MarketWatch, with Troy Rohrbaugh, the co-CEO of JPMorgan's commercial and investment bank, selling $13.7 million worth of shares, the bank's general counsel Stacey Friedman offloading $1.1 million, and Chief Information Officer Lori Beer selling $716,000 worth of stock.

Read the original article on Business Insider