Jamie Dimon, the head of JPMorgan Chase, is to sell one million shares he holds in the US bank, worth roughly $140 million, the bank announced Friday.
This will be Dimon’s first stock sale since becoming the bank’s CEO in 2005, JPMorgan said in a statement.
“Mr. Dimon continues to believe the company’s prospects are very strong and his stake in the company will remain very significant” following the sale, the bank said.
Dimon and his family currently own approximately 8.6 million shares, according to the document.
The sale of shares by Dimon and his family, set to start in 2024, was justified by a desire for financial diversification and for tax reasons, the statement said.
JPMorgan shares ended Friday’s session on the New York Stock Exchange down 3.6 percent.
Shares of other banks slumped as well, with Citi down 2.8 percent and Goldman Sachs falling 2.4 percent.