JPMorgan Chase CEO Jamie Dimon has recently divested approximately $150 million worth of his shares in the bank, as revealed in a SEC filing on Thursday.
This marks the first instance of the head of the largest U.S. lender selling shares since assuming the position in 2005.
Dimon, along with his family, had previously announced their intention to sell 1 million shares out of their 8.6 million holdings in a filing last October. To date, Dimon, a longstanding chief executive on Wall Street, has sold 821,778 shares of the bank.
With a market capitalization exceeding $527 billion, according to LSEG data, JPMorgan remains a formidable financial institution.
Importantly, the sale is unrelated to leadership succession, and as indicated in October, Dimon currently has no plans to further divest his stock. However, it is mentioned that he might consider such actions in the future, according to a company spokesperson.
It's worth noting that Dimon's 2023 compensation experienced a 4.3% increase, totaling $36 million.
Despite this divestment, JPMorgan reported its most substantial annual profit to date last year. Additionally, the acquisition of First Republic Bank in May, a failed regional lender, has contributed to the bank's strengthened profitability.
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