JPMorgan chief executive Jamie Dimon will sell one million shares in the bank next year, the first time he has reduced his stake in the group since joining nearly two decades ago. Photograph: Jacquelyn Martin/APJPMorgan chief executive Jamie Dimon will sell one million shares in the bank next year, the first time he has reduced his stake in the group since joining nearly two decades ago.
The sale will raise questions about how long Wall Street’s longest-serving chief executive intends to stay on in the role. Mr Dimon’s rival at Morgan Stanley, James Gorman, announced this week that he would step down as CEO at the end of the year. JPMorgan used to highlight the fact that Mr Dimon had “not sold a single share of JPMorgan Chase common stock”.
By retaining company stock for the best part of two decades, Mr Dimon has followed a tradition set by his former mentor at Citigroup, Sandy Weill, who instituted a “blood oath” among senior executives whereby they were forbidden from selling shares until they left. The stock appreciation rights awarded two years ago were a form of option that would become exercisable from July 2026, and Mr Dimon would need to hold any shares until July 2031. However, the award was unpopular with shareholders.