JPMorgan CEO Dimon sells about US$150 million of his shares, SEC filing says

JPMORGAN Chase CEO Jamie Dimon has sold about US$150 million of his shares in the bank, a SEC filing showed on Thursday, marking the first time the head of the largest US lender has sold shares since taking charge in 2005.

Dimon and his family intend to sell 1 million of their 8.6 million shares, the bank had said in a filing last October. Dimon, one of the longest serving chief executives on Wall Street, has sold off 821,778 shares of the bank so far.

The bank has a market capitalisation of more than US$527 billion, according to LSEG data.

The sale is not related to leadership succession and the bank chief had no current plans to sell more stock, but could consider doing so in the future, a company spokesperson said in October.

Dimon‘s compensation climbed about 4.3 per cent to US$36 million for 2023.

JPMorgan reported its biggest-ever annual profit last year. It also acquired failed regional lender First Republic Bank in May, which has helped to bolster profit. REUTERS