JPMorgan Chase shares slip after bank says CEO Jamie Dimon is selling 1 million shares

JPMorgan Chase CEO Jamie Dimon will begin to sell 1 million shares of the bank he runs next year, the company said Friday in a filing.

The plan sparked concern that Dimon, who has led JPMorgan since 2005, could be contemplating retirement.

A spokesman for the New York-based bank said the move wasn’t related to succession planning, and that Dimon has “no current plans” for another sale, though his planning needs could change over time.

Shares of the bank slipped 2.9% in morning trading, worse than the 1% decline of the KBW Bank Index.

Here is the bank’s statement:

Chairman & CEO Jamie Dimon confirmed today that he and his family plan to sell a portion of their holdings of JPMorgan stock for financial diversification and tax-planning purposes. Starting in 2024 they currently intend to sell 1 million shares, subject to the terms of a stock trading plan. This is Mr. Dimon’s first such stock sale during his tenure at the company. Mr. Dimon continues to believe the company’s prospects are very strong and his stake in the company will remain very significant. He and his family currently hold approximately 8.6 million shares, and in addition he continues to have unvested Performance Share Units relating to 561,793 shares and Stock Appreciation Rights relating to 1,500,000 shares, subject to the terms and conditions of each grant.

Mr. Dimon will use stock trading plans to sell his shares, in accordance with guidelines specified under Rule 10b5-1 of the Securities and Exchange Act of 193

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