Jamie Dimon, the CEO of JPMorgan Chase, is expecting to start selling 1 million shares of the bank he runs in the next year, according to the company. This plan has caused people to worry that Dimon, who is 67, is contemplating his retirement. A spokesperson for the bank, which is based in New York, confirmed that this isn't related to succession planning, and that Dimon currently has "no plans" for a further sale.
JPMorgan Chase announced on Friday that Jamie Dimon, their CEO and arguably the country's top banker, will be selling 1 million shares of the bank he runs next year. This has sparked concern that the 67-year-old could be considering retirement. Dimon has been the CEO of the bank since 2005, guiding it through two banking crises and facilitating the purchase of other struggling financial institutions. This is the first time in his tenure that he has planned to sell his own shares, instead of merely exercising options as in the past. In response, the stock of the bank dropped by 2.5%, more than the 0.8% decline of the KBW Bank Index. Wells Fargo analyst Mike Mayo stated that if earlier statements were accurate, Dimon might transition away from his role in 3.5 years. The bank's spokesperson noted, however, that the sale was not related to succession planning. He added that Dimon has no plans for selling additional shares at this time, although his needs may change. Through these trading plans, codified by the Securities and Exchange Act of 1934, Dimon will still maintain a considerable stake in the bank as, presently, he and his family control 8.6 million shares. Furthermore, he has unvested Performance Share Units and Stock Appreciation Rights related to another 2.1 million shares.
Catch up on CNBC financial news;today, the stock market has live updates. Compared to other places, supermarket bank branches are shutting down seven times faster. Jamie Dimon has fiercely criticized central banks for their '100 percent wrong' economic outlooks.
The stock market today is seeing live updates, with supermarket bank branches closing seven times quicker than other sites. Furthermore, Jamie Dimon has criticized central banks for being "100% incorrect" in their economic predictions.
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