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Kalkine Media ASX Share Market News & Research

Jamie Dimon to sell one million shares of JPMorgan

October 27, 2023 10:56 PM IST | By Invezz
Jamie Dimon to sell one million shares of JPMorgan
Image source: Invezz

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Jamie Dimon – the Chief Executive of JPMorgan Chase & Co (NYSE:JPM) will sell one million shares of the financial services behemoth in 2024.

It’s an unusual move for the JPMorgan CEO

Shares of the investment bank are down 2.0% on that revelation it made in a filing with the Securities & Exchange Commission on Friday.

The announcement is particularly significant since Dimon has never trimmed his stake in the bank he runs except for technical reasons. In fact, he’s known for using his own money to buy JPMorgan stock.

Earlier this month, the New York listed giant reported its financial results for the third quarter that topped Street estimates on higher interest income and lower credit costs.

Still, “JPM” has lost about 13% over the past three months.

Is it a sign that Jamie Dimon is considering retirement?

The unusual move may be a “reminder that the CEO is getting closer to retirement”, as per Mike Mayo – a senior analyst at Wells Fargo. Dimon may choose to step down by the end of 2026, he added.

But a spokesperson for the multinational has already confirmed that his plans of unloading an unprecedented number of JPMorgan shares have nothing to do with succession planning.

JPM also established that its Chief Executive has no plans of another sale at the moment.

Note that Jamie Dimon is perhaps the top U.S. banker – critically acclaimed for successfully steering the world’s largest bank by market cap through two crisis. Wall Street currently has a consensus “overweight” rating on JPM.

Watch here: https://www.youtube.com/embed/B8tZ6LQRqDo?feature=oembed

The post Jamie Dimon to sell one million shares of JPMorgan appeared first on Invezz

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