(Bloomberg) — Jamie Dimon, the CEO of JPMorgan Chase & Co., intends to sell approximately $141 million worth of shares, marking the first time he has done so since assuming leadership of the Wall Street institution nearly two decades ago.
Dimon, along with his family, plans to begin the sale of 1 million of the bank’s shares next year in an effort to diversify their financial holdings and for tax-planning purposes, as detailed in a regulatory filing on Friday. JPMorgan’s shares closed at $140.76 in New York on Thursday.
JPMorgan stated that the CEO remains confident in the company’s strong prospects and will maintain a significant stake in the organization. The completion of the transaction is contingent upon the conditions outlined in the company’s stock trading plan.
The forthcoming sale would mark Dimon’s first instance of selling company stock during his tenure at JPMorgan, according to the regulatory filing.
Dimon currently holds the title of the longest-serving CEO of a major US bank, while James Gorman of Morgan Stanley will step down in January following a 14-year stint and be succeeded by Co-President Ted Pick.
With an estimated net worth of around $2 billion according to the Bloomberg Billionaires Index, Dimon and his family currently own approximately 8.6 million shares of JPMorgan.
(Updates with context.)
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