Jamie Dimon will do something he has never done before in nearly two decades as the head of JPMorgan Chase & Co. – sell shares in the company.
The top executive of the nation’s largest bank will sell 1 million shares starting next year, according to a regulatory filing this week.
JPMorgan sought to reassure investors that the stock sale is not a matter of concern.
“Mr. Dimon continues to believe the company’s prospects are very strong and his stake in the company will remain very significant,” the filing said.
Dimon and his family currently hold about 8.6 million shares of the bank.
Wall Street falls
Stocks stumbled on Wall Street, bringing the S&P 500 10% below the peak it reached in July and putting the benchmark index into what’s called a “correction.”
The S&P 500 fell 0.5%, or 19.86 points, to close at 4,117.37 Friday and is now 10.3% below its July 31 high of 4,588.96. That marks its 10th loss in the last 12 days.
Stocks have fallen the past three months as investors face the reality of higher interest rates, with Federal Reserve officials talking about keeping rates “higher for longer” and the yield on the 10-year Treasury reaching levels not seen since 2007. Analysts say investors are also concerned near-term about an escalation of tensions in the Middle East and the strength of company earnings.
The Dow Jones Industrial Average fell 366.71 points, or 1.1%, to 32,417.59. The Russell 2000 index of smaller company stocks slipped 20.07 points, or 1.2% to 1,636.94, its lowest level in about four years.
