Another first for JPMorgan CEO Jamie Dimon, selling shares of the bank he’s run for nearly 2 decades

Jamie Dimon will do one thing he has by no means completed earlier than in almost 20 years as the pinnacle of JPMorgan Chase & Co. — promote shares within the firm.

The prime government of the United States’ largest financial institution will promote a million shares beginning subsequent yr, in line with a regulatory submitting this week.

JPMorgan sought to reassure traders that the inventory sale is just not a matter of concern.

“Mr. Dimon continues to believe the company’s prospects are very strong and his stake in the company will remain very significant,” the submitting mentioned.

Dimon and his household at present maintain about 8.6 million shares of the financial institution.

And JPMorgan has change into a titan beneath Dimon’s management.

Dimon turned CEO of JPMorgan in January 2006 and added on the chairman position a yr later. The worth of the financial institution, with US$3.2 trillion in belongings, has tripled throughout Dimon’s tenure, and it now has a market capitalization of greater than US$409.1 billion, in line with FactSet.

The worth of JPMorgan’s shares have additionally tripled in that point and they’re up one other 10 per cent previously yr.

The New York financial institution reported a 35 per cent surge in income throughout its most up-to-date quarter, fuelled by a speedy rise in rates of interest.

Dimon has additionally come to be thought-about a strong and frank voice on Wall Street. He issued a sobering assertion in regards to the present state of world affairs and financial instability.

When the financial institution posted one other blockbuster earnings report two weeks in the past, Dimon warned, “This may be the most dangerous time the world has seen in decades.”

Dimon laid out a laundry record of main points: the Russia-Ukraine War, the brand new conflict between Israel and Hamas in Gaza, excessive ranges of presidency debt and deficits, excessive inflation, in addition to the tight labour market, the place employee calls for for elevated wages have led to high-profile strikes in manufacturing and leisure.

Shares of JPMorgan Chase & Co. closed Friday down US$5.07, or 3.6 per cent at US$135.69.