JPMorgan Chase chief executive Jamie Dimon announced that he is selling a large portion of Chase shares for the first time.

Dimon is selling one million of his 8.6 million Chase shares “for financial diversification and tax-planning purposes,” according to a filing dated to Friday Nov. 10. That is roughly $150 million worth of stock, according to market valuation of Chase last week.

“It’s simply part of his personal financial, tax and estate planning,” a spokesman for Chase said. They added that Dimon does not have any plans to sell additional shares at this time.

Dimon had long made it something of a creed to hold on to his stock, a practice that he learned from his mentor Sandy Weill, which is why his recent move was shocking to many.

While Dimon previously bought shares to signal his confidence in Chase, the filing told speculators they shouldn’t interpret the sale as a loss of confidence. “Mr. Dimon continues to believe the company’s prospects are very strong and his stake in the company will remain very significant,” it reads.

But Dimon has been warning for the last year about the direction of the economy. “This may be the most dangerous time the world has seen in decades,” he said in early November.

Dimon is not the only financier on Wall Street to sell large amounts of Chase stock. As reported by the Financial Times, people holding various executive roles at Wall Street’s six big banks have been unloading millions of dollars of the stock over the last fifteen years.

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Many senior employees at JPMorgan Chase have sold Chase stock, including Mary Erdoes ($63 million), Daniel Pinto ($53 million), Douglas Petno ($34 million), and Marianne Lake ($29 million).

But some have been selling loads of Chase shares in more recent times. Morgan Stanley’s CEO James Gorman sold $48 million in Chase shares in this year alone (he had sold $30 million between 2010 and 2022 as well).

Gorman’s scheduled successor, Ted Pick, has sold $30 million in Chase shares over the years.

Other major bankers that have sold large amounts of Chase shares include Goldman Sachs chief executive David Solomon ($22 million since 2006), Dan Simkowitz ($25 million), Andy Saperstein ($19 million), Goldman second-ranking executive John Waldron ($20 million since 2016), and former Goldman chief of staff John Rogers ($34 million.

By comparison, Dimon still holds quite a lot of Chase shares.

JPMorgan Chase chief executive Jamie Dimon announced that he is selling a large portion of Chase shares for the first time.

Watch Patrick Bet-David tell the story of Jamie Dimon’s rise in the world of finance below:

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