JPMorgan Chase chairman and CEO Jamie Dimon will soon sell some of his family’s holdings in the bank for the first time, offloading 1 million of the total 8.6 million shares for "financial diversification and tax-planning purposes," according to a regulatory filing.
The sale will give Dimon nearly $141 million, while representing less than 10% of his overall stake, worth roughly $1.07 billion.
The transaction will take place in 2024, and 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," the Securities and Exchange Commission (SEC) said in the filing.
According to Reuters, the sale is not related to leadership succession, a company spokesperson said.
JPMORGAN CEO JAMIE DIMON WARNS: 'THIS MAY BE THE MOST DANGEROUS TIME THE WORLD HAS SEEN IN DECADES’
Dimon took over the helm at JPMorgan in late 2005 and was named chairman and president the next year.
"Mr. Dimon continues to believe the company’s prospects are very strong and his stake in the company will remain very significant," the SEC said.
JPMorgan Chase has not responded to earlier requests for comment from FOX Business.
WARREN BUFFETT'S BERKSHIRE HATHAWAY UPS STAKE IN OCCIDENTAL PETROLEUM, AGAIN
Dimon has an estimated net worth of $1.7 billion, according to Forbes, while JPMorgan Chase’s market capitalization tops out at $394 billion, per Thomson Reuters.
On Tuesday, Dimon made news by warning against relying on the economic forecasts of central banks like the Federal Reserve, calling their projections "100% dead wrong."
The Fed will decide next week on another potential round of interest rate hikes after pausing them for the second time of 2023 in September. Interest rates are currently at a range of 5.25% to 5.5%.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
FOX Business’ Breck Dumas and Megan Henney and Reuters contributed to this report.
