Jamie Dimon, the longest-serving CEO among the six largest banks in the U.S., plans to sell $140 million of JPMorgan (NYSE:JPM) stock next year. This marks his first such sale since he joined the banking giant as chief operating officer in 2004, prior to the Bank One merger.
The planned sale is part of Dimon's financial diversification and tax planning strategy. It includes common stock, New York Stock Exchange depositary shares, unvested performance share units, and stock appreciation rights on 1.5 million shares. Despite this move, Dimon continues to express confidence in JPMorgan's future prospects.
In the context of the broader market, JPMorgan's stock has outperformed key indices this year. The bank's stock has risen by 5% in 2023, compared to a 1.1% decline in the Dow Jones Industrial Average.
Dimon currently holds approximately 8.6 million shares in JPMorgan. Furthermore, he is set to receive a significant boost to his holdings in coming years. As part of his 2021 pay package, he will receive a $50 million bonus in the form of stock awards in 2026. However, these shares will not be available for sale until 2031.
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