Reported by Bloomberg on 27 October, JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon is seeking to sell shares currently worth about $141 million. He said that this would be the first such transaction after he took the helm at the Wall Street giant almost 18 years ago.
According to a regulatory filing on Friday, for financial diversification and tax-planning purposes, Dimon and his family are thinking of kicking off the disposal of 1 million of the lender’s shares next year. At the same instance, JPMorgan shares closed at $140.76 in New York on Thursday.
Adding the deal is subject to the terms of the company’s stock trading plan, Bloomberg quoted in JPMorgan's statement, "The top executive continues to believe the company’s prospects are very strong and his stake in the company will remain very significant,"
The transaction in this coming year would be Dimon’s first such stock sale during his tenure at the company according to the filing. Dimon is currently the longest-serving CEO of a major US bank. Meanwhile another long-term CEO - James Gorman at Morgan Stanley - ending a 14-year run, will be replaced in January by Co-President Ted Pick.
Having a net worth estimated at $2 billion by the Bloomberg Billionaires Index, Dimon and his family currently hold approximately 8.6 million shares of JPMorgan.
JPMorgan upgrades India to ‘overweight’:
At the same junction, advising investors to use near-term correction/dip as an opportunity to add and leverage on a positive historical seasonality to general elections, global brokerage house JP Morgan on Friday upgraded India to ‘overweight’ from ‘neutral.’
JPMorgan said India has competitive risk-adjusted returns to developed market equities ,wherein, India offers the strongest emerging market nominal GDP compounding. Additionally, the brokerage has also added Sun Pharma, Bank of Baroda, and Hindustan Unilever to its EM model portfolio.
