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- Jamie Dimon Craters Bank Stocks On Friday with Plans To Sell One Million Shares of JPMorgan Chase; Warren Buffett Isn’t Smiling
Jamie Dimon Craters Bank Stocks On Friday with Plans To Sell One Million Shares of JPMorgan Chase; Warren Buffett Isn’t Smiling
by Pam Martens and Russ Martens Wall Street on Parade
Last Friday, at 6:32 a.m. ET, headlines started rolling with the news that Jamie Dimon, the long-tenured Chairman and CEO of the largest bank in the United States, JPMorgan Chase, was going to start selling a significant part of his sizeable stock holdings in the bank next year. The revelation came in an 8K filing with the SEC and noted that he and his family “currently intend to sell 1 million shares,” leaving open the door that he and his family might decide to sell more.
The 8K filing also stated that “This is Mr. Dimon’s first such stock sale during his tenure at the company.” The reality is that Dimon, his wife and his Trusts held over 10 million common shares of JPMorgan Chase in 2017 according to SEC filings and now they hold 8.6 million shares, according to a May 2023 filing. Through some manner, selling or otherwise, their stock position has already been reduced significantly.