JPMorgan Chase CEO Jamie Dimon will begin to sell 1 million shares of the bank he runs next year, the bank said.
JPMorgan Chase CEO Jamie Dimon will begin to sell 1 million shares of the bank he runs next year, the company said Friday in a filing.A spokesman for the New York-based bank said the move wasn't related to succession planning, and that Dimon has"no current plans" for another sale.will begin to sell 1 million shares of the bank he runs next year, the company said Friday in aThe plan sparked concern that Dimon, who is 67 years old, could be contemplating retirement.
Before now, Dimon has never sold shares of JPMorgan except for technical reasons like exercising options. He has also spent hisGet San Diego local news, weather forecasts, sports and lifestyle stories to your inbox."This is a reminder that the CEO is getting closer to retirement," Wells Fargo analystsaid in a note. Dimon may transition from his current role in about 3.5 years, if prior statements prove accurate, Mayo added.
A spokesman for the New York-based bank said the move wasn't related to succession planning, and that Dimon has"no current plans" for another sale, though his planning needs could change over time.The Federal Reserve may not hike interest rates next week, but consumers are unlikely to feel any relief‘AI exposure' is the new buzz term to soften talk about job losses.
Mr. Dimon continues to believe the company's prospects are very strong and his stake in the company will remain very significant. He and his family currently hold approximately 8.6 million shares, and in addition he continues to have unvested Performance Share Units relating to 561,793 shares and Stock Appreciation Rights relating to 1,500,000 shares, subject to the terms and conditions of each grant.
Mr. Dimon will use stock trading plans to sell his shares, in accordance with guidelines specified under Rule 10b5-1 of the Securities and Exchange Act of 1934.
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