Photo: MARCO BELLO (Reuters)
JPMorgan Chase CEO Jamie Dimon raised eyebrows when he announced his plans to sell $140 million worth of his bank shares starting next year for “financial diversification and tax-planning purposes.” It was a surprise considering he had long held a hardline approach to keeping his bank stocks, a practice dating back to his Travelers’ days, when his former mentor Sandy Weill made management take a “blood oath” not to sell unless they left.
Over his nearly two-decade tenure as CEO, Dimon has amassed a fortune with stock bonuses and his own purchases of the bank’s shares, and currently owns stock valued at around $1.2 billion. But he’s not alone in selling shares.
Here are some other bank executives who have done the same, according to the Financial Times’ analysis. Stock values are based on prices as of Nov. 8.
James Gorman will leave his Morgan Stanley CEO post at the start of 2024Photo: BRENDAN MCDERMID (Reuters)
Current holdings: $77 million
Stock sold since 2006: $77.9 million
Morgan Stanley announced James Gorman will be stepping down, and his successor Ted Pick will take the helm at the start of 2024. Gorman sold $48 million worth of shares this year, making him the biggest seller among executives.
Photo: MIKE BLAKE (Reuters)
Current holdings: $45.7 million
Stock sold since 2006: $21.9 million
The DJ’ing CEO hasn’t been too happy with recent media caricatures of him, or with a reportedly awkward phone call with his predecessor Lloyd Blankfein complaining about losing $50 million from Goldman Sachs’ lackluster performance. Still, the musical executive hasn’t been shy about offloading his shares throughout the years.
Photo: Mike Blake (Reuters)
Current holdings: $6.8 million
Stock sold since 2006: $4.6 million
Citi’s CEO hasn’t sold a single share since taking the top job in March 2021, although her shareholdings in the bank she’s in charge of is meager compared to executives at JPMorgan, Morgan Stanley, and Goldman Sachs. It is true her peers have a decade of tenure ahead of her, so maybe it’s just a matter of time.
Photo: BRENDAN MCDERMID (Reuters)
Current holdings: $67.4 million
Stock sold since 2006: $1.9 million
Brian Moynihan hasn’t sold any shares since becoming CEO of Bank of America at the start of 2010.
Photo: Denis Balibouse (Reuters)
Current holdings: $81 million
Stock sold since 2006: $63 million
Mary Erdoes, JPMorgan Asset Management’s chief, has held that position since 2009.
Photo: TYRONE SIU (Reuters)
Current holdings: $82 million
Stock sold since 2006: $53 million
Daniel Pinto is the rumored successor as CEO, if Dimon doesn’t renew his contract for another five years. He has cashed in $53 million since Dimon became CEO.
Photo: Jeenah Moon/Bloomberg (Getty Images)
Current holdings: $46 million
Stock sold since 2006: $30 million
The incoming CEO of Morgan Stanley, Ted Pick, has cashed in $30 million, above his former competitors for the top job, Dan Simkowitz and Andy Saperstein, who each have sold $25 million and $19 million of shares, respectively.
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