JPMORGAN Chase & Co chief executive officer Jamie Dimon, who announced plans last year to sell one million shares in the lender, sold almost US$33 million of stock on Monday (Apr 15), bringing his total sales to that level.
Dimon sold 178,222 shares at about US$184 a piece, according to a filing late Monday. The stock, which has outperformed the broader market and peers during his tenure, traded at a record high late last month.
The bank said in October that the CEO and his family planned to liquidate some shares for financial diversification and tax-planning purposes, his first such transaction since taking the helm more than 18 years ago. Dimon “continues to believe the company’s prospects are very strong and his stake in the company will remain very significant”, JPMorgan said.
The executive kicked off those sales in February, selling 822,000 shares in a series of transactions.
The firm outperformed much of the industry in the wake of last year’s regional banking turmoil, as it reached a deal to acquire First Republic and later posted the largest annual profit in US banking history. When he took over as CEO, the stock was trading for around US$40. It closed at US$182.89 on Monday. BLOOMBERG
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