JPMorgan Chase CEO Jamie Dimon will sell more than 10% of his stake in the bank beginning next year, the company disclosed Friday, marking Dimon’s first such sale ever.
Dimon and his family will offload 1 million of their 8.6 million shares of JPMorgan, according to the Securities and Exchange Commission filing.
The stake Dimon intends to depart with is worth $140.8 million at Thursday’s closing share price.
It’s the first time Dimon will sell JPMorgan stock in his 17-year tenure as CEO, the filing noted.
The bank characterized the sale as a means for “financial diversification” and for “tax-planning purposes,” adding Dimon will retain “very significant” financial interest in the company’s performance.
Shares of JPMorgan slipped more than 1% in premarket trading while other large bank stocks were largely flat.
Dimon is worth $1.7 billion, according to Forbes’ latest estimates, owing much of his wealth to his stake in JPMorgan, the largest bank in the U.S. by market capitalization and deposits.
It may be Dimon’s first time cashing out on his JPMorgan shares, but it’s routine for insiders at public companies to sell shares of their firms. Billionaires Tim Cook of Apple and Jensen Huang of Nvidia each offloaded tens of millions of dollars worth of their companies’ stocks in recent weeks. It’s been a particularly busy year for Dimon and JPMorgan as the banking sector faced its most upheaval since the Great Recession, culminating with JPMorgan’s acquisition of most of the assets of the failed San Francisco-based institution First Republic.