(Reuters) -JPMorgan Chase CEO Jamie Dimon will sell a portion of his stake in the bank in 2024, the first such stock sale by him during his tenure at the company.
Dimon and his family intend to sell 1 million of the 8.6 million shares they own, subject to the terms of a stock trading plan, the bank said in a regulatory filing on Friday.
Shares of JPMorgan dipped 0.6% before the bell, but then pared the losses to last trade 0.2% lower.
The sale is intended for “financial diversification and tax-planning purposes” and Dimon “continues to believe the company’s prospects are very strong”, the bank said.
He also continues to have unvested performance share units and stock appreciation rights, JPMorgan added.
Dimon has been at the helm of the biggest U.S. bank for nearly 18 years, and led it through the 2008 financial crisis. Earlier this year, he also orchestrated a rescue deal for First Republic Bank, which failed in May after an industry turbulence led to deposits spiraling out of control.
(Reporting by Niket Nishant in Bengaluru; Editing by Shilpi Majumdar and Shinjini Ganguli)
