JPMorgan Chase Chairman and CEO Jamie Dimon on Monday offered $32.8 million within the financial institution’s inventory, bringing the overall proceeds from shaving off a portion of his possession stake to just about $183 million this 12 months.
In February, he offloaded greater than 800,000 shares value $150 million, marking the primary time he offered JPMorgan inventory since changing into CEO 19 years in the past.
Dimon is thought to be a robust believer in consuming your individual cooking and holding onto fairness. However the firm stated final 12 months that he and his household deliberate to promote 1 million shares of JPMorgan for monetary diversification and tax planning functions.
As of final 12 months, Dimon held 8.6 million shares of JPMorgan inventory and inventory appreciation rights referring to 1.5 million shares. His compensation in 2023 was valued at $36 million, with $29.5 million within the type of inventory awards. The board’s compensation committee launched a coverage in 2022 that caps Dimon’s annual money bonus at 25% of his annual comp. In 2023, the board gave Dimon a bonus of $5 million, which the corporate says is effectively beneath the $10 million median of complete money quantities for CEOs on the financial institution’s friends. Till this 12 months, he had by no means offered inventory in JPMorgan. The share value was $182.89 right this moment, up 6.3% 12 months thus far.
One other member of Dimon’s inside circle at JPMorgan, world chief info officer Lori Beer, additionally offered inventory not too long ago. In March, Beer offered 3,920 shares value $765,811 after beforehand promoting on the identical day as Dimon’s first sale. On Feb. 22, Beer offered off 3,920 shares at a barely decrease inventory value for $716,340.
February noticed a parade of high-profile executives unload inventory, together with Jeff Bezos of Amazon, Meta CEO Mark Zuckerberg and Leon Black, cofounder and former CEO of Apollo World Administration.
In an earnings announcement final week, JPMorgan reported first-quarter income of $13.4 billion, or $4.44 per share, on revenues of $42.5 billion. That included a $725 million improve within the particular evaluation that got here from the FDIC’s estimate of anticipated losses from final 12 months’s closures of Silicon Valley Financial institution and Signature Financial institution.
“We’re incomes some huge cash,” stated Dimon throughout the earnings name in response to a query. “Our capital cup runneth over and that’s why we elevated the dividend.”