JPMorgan Chase (JPM.N) Chief Executive Officer Jamie Dimon will sell some of his shares in the largest U.S. bank next year for the first time in almost 18 years at the helm, the bank said on Friday, sending the stock down more than 3%.
Billionaire Dimon will sell the stock for “financial diversification and tax-planning purposes,” and “continues to believe the company’s prospects are very strong,” the bank said in a filing. Dimon and his family intend to sell 1 million of their 8.6 million shares, according to the filing. That is a tiny percentage of the shares outstanding in JPMorgan which has a market capitalization exceeding $409 billion, according to LSEG data.
Dimon, one of the most prominent voices in corporate America, steered JPMorgan through the 2008 financial crisis. He was also integral in the rescue of First Republic Bank this year which helped quell turmoil fueled by the collapse of several regional banks.
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