JPMorgan Chase Chairman and CEO Jamie Dimon sold $32.8 million price of shares within the bank on Monday, bringing the entire proceeds from the spinoff of a part of his ownership stake this 12 months to almost $183 million.
In February, he sold greater than 800,000 shares price $150 million, marking the primary time he sold JPMorgan stock since becoming CEO 19 years ago.
Dimon is understood for his strong belief in eating your personal cuisine and adhering to justice. But the corporate said last 12 months that he and his family planned to sell 1 million JPMorgan shares for financial diversification and tax planning purposes.
Last 12 months, Dimon held 8.6 million JPMorgan shares and stock appreciation rights for 1.5 million shares. His 2023 compensation was $36 million, including $29.5 million in stock awards. The board’s compensation committee adopted a policy in 2022 that caps Dimon’s annual money bonus at 25% of his annual compensation. In 2023, the board gave Dimon a bonus of $5 million, which the corporate said was well below the $10 million median total money for CEOs amongst peers on the bank. Until this 12 months, he had never sold JPMorgan stock. The share price was $182.89 today, up 6.3% for the reason that start of the 12 months.
Another member of Dimon’s inner circle at JPMorgan, global chief information officer Lori Beer, also recently sold shares. In March, Beer sold 3,920 shares price $765,811, having previously sold on the identical day as Dimon’s initial sale. On February 22, Beer sold 3,920 shares at a rather lower share price for $716,340.
February saw a parade of high-profile executives, including Amazon’s Jeff Bezos, meta-CEO Mark Zuckerberg and Leon Black, co-founder and former CEO of Apollo Global Management.
In an earnings release last week, JPMorgan reported first-quarter profit of $13.4 billion, or $4.44 per share, on revenue of $42.5 billion. That included a $725 million increase within the special assessment resulting from the FDIC’s estimate of expected losses from last 12 months’s closings of Silicon Valley Bank and Signature Bank.
“We make a lot of money,” Dimon said in response to a matter in the course of the earnings call. “Our capital cup is running low and that’s why we increased the dividend.”
