{"id":12021,"date":"2023-11-10T04:59:34","date_gmt":"2023-11-10T04:59:34","guid":{"rendered":"https:\/\/infundpros.com\/business\/who-are-the-wall-street-bankers-selling-stock-like-jamie-dimon\/"},"modified":"2023-11-10T04:59:34","modified_gmt":"2023-11-10T04:59:34","slug":"who-are-the-wall-street-bankers-selling-stock-like-jamie-dimon","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=12021","title":{"rendered":"Who are the Wall Street bankers selling stock like Jamie Dimon?"},"content":{"rendered":"<div>\n<p>Stay informed with free updates<\/p>\n<p class=\"article__content-sign-up-topic-description\"><span>Simply sign up to the <!-- -->US banks<!-- --> myFT Digest &#8212; delivered directly to your inbox.<\/span><\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=365500c1-d4e4-47a3-bb03-78730b3761d5&amp;concept-id=456d01ad-ea50-4aa7-8d7f-b9737216d453\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>When JPMorgan Chase chief executive Jamie Dimon starts unloading his $1.2bn of stock next year, the Wall Street titan \u2014 who has never previously sold stock \u2014 will join a parade of top bankers who have cashed in some of their holdings.<\/p>\n<p>Dimon\u2019s refusal to sell harks back to the era when his early mentor, Sandy Weill, dominated Wall Street and instigated a \u201cblood oath\u201d that required his management team to hold their shares until they left. JPMorgan itself has previously trumpeted the fact that Dimon had \u201cnot sold a single share of JPMorgan Chase common stock\u201d.<\/p>\n<p>Breaking that holding streak with the sale of 1mn shares, worth about $140mn, will catapult Dimon to the top of the table for stock sales by current US bank executives, a Financial Times analysis of data from VerityData, S&amp;P Capital IQ and regulatory filings shows \u2014 even if other top bankers have proved far more willing to sell than the boss of America\u2019s biggest bank. <\/p>\n<p>Indeed, five of the other top-10 sellers among the current crop of executives at Wall Street\u2019s big six banks are at JPMorgan. <\/p>\n<p>Head of asset and wealth management Mary Erdoes has sold $63mn, and investment banking chief Daniel Pinto has cashed in $53mn since Dimon took the top job at the start of 2006. Other substantial sellers at the bank include commercial banking boss Douglas Petno, who has sold $34mn, and co-head of consumer banking Marianne Lake, who has sold $29mn. \u201cThey all hold at least 50 per cent of the shares they\u2019ve been granted,\u201d a JPMorgan spokesman said. <\/p>\n<p>During the 17-year period in which Dimon has sold nothing, chief executives of rival banks have cashed out large chunks of stock. <\/p>\n<p>James Gorman, Morgan Stanley\u2019s CEO since 2010, has sold $78mn of his shares in the bank \u2014 including almost $48mn so far this year \u2014 making him the biggest seller among executives at the US\u2019s six largest lenders. Ted Pick, who will succeed Gorman as chief executive in January, has cashed in $30mn, while his former rivals for the top job Dan Simkowitz and Andy Saperstein have sold $25mn and $19mn, respectively.<\/p>\n<p>That puts the Morgan Stanley trio in a similar ballpark to Goldman Sachs chief executive David Solomon, who has sold almost $22mn since 2006. Goldman\u2019s second-ranking executive John Waldron has offloaded $20mn in that time, while John Rogers, who served as the bank\u2019s chief of staff until stepping back in August, has sold $34mn worth of stock.<\/p>\n<p>In contrast, executives at Citigroup and Bank of America have sold paltry amounts of shares. Bank of America\u2019s Brian Moynihan sold $1.9mn before becoming chief executive but none since; Citi chief executive Jane Fraser has also not sold since taking the top job. <\/p>\n<p>Dimon is also rare in how much stock he holds compared with rival bank executives. \u201c[He] is in a league of his own given the sheer magnitude of stock that he owns,\u201d said Mike Mayo, a banking sector analyst at Wells Fargo.<\/p>\n<p>The JPMorgan boss also bought about half of his shares in the bank personally in the open market, a spokesperson said. Gorman similarly bought 100,000 shares in Morgan Stanley in 2011; he sold the same amount of stock five years later.<\/p>\n<p>Dimon, who is reducing his stake for \u201cfinancial diversification and tax-planning purposes\u201d, will still own more stock than any other current executive, with a holding that earns him tens of millions of dollars each year from dividends. <\/p>\n<p>The only other banker who comes close to holding such a large stake in their bank is David Viniar, Goldman\u2019s former chief financial officer who still sits on the lender\u2019s board. Dimon holds 0.3 per cent of JPMorgan\u2019s outstanding shares; Viniar, who became a partner at Goldman seven years before its initial public offering in 1999, holds 0.28 per cent after $75mn in share sales since 2006. <\/p>\n<p>Gorman only holds 1mn of stock in Morgan Stanley, and Solomon has 140,000 shares in Goldman Sachs. <\/p>\n<p>The FT\u2019s analysis of executives\u2019 current holdings does not include restricted stock awards or share options, which generally account for a substantial slice of annual pay. The current chief executives of the big six US banks have been paid more than $400mn in restricted stock over the past three years, figures from proxy advisory firm ISS show.<\/p>\n<p>As the stock element of executives\u2019 pay has increased relative to the cash portion, so has the incentive to liquidate some of those holdings. <\/p>\n<p>\u201cIf you get paid $25mn, 50 per cent goes to taxes and 80 per cent is paid in stock,\u201d said one longtime Wall Street executive. \u201cEveryone can live on that but you\u2019re still not accumulating liquid net worth.\u201d<\/p>\n<p>While chief executives\u2019 stock sales draw attention, many of the largest sellers have been lesser-known lieutenants who might not face pressure to hold shares. Matthew Koder, Bank of America\u2019s head of corporate and investment banking, sold $11.3mn in February 2023 alone. Goldman\u2019s chief risk officer Brian Lee has sold $5.9mn over the past 12 months. <\/p>\n<p>The FT\u2019s analysis also only captures sales by\u2009board directors or executives who are still employed by the bank.<\/p>\n<p>Lucian Bebchuk, a professor at Harvard, has argued for requirements that bank executives hold shares for several years after they are awarded by a bank. <\/p>\n<p>In Dimon\u2019s case, he has been working at JPMorgan for so long that he should be free to sell shares he accumulated a long time ago, Bebchuck said. \u201cBut with other bank executives, it is important to impose tighter restrictions on unloading of shares that we have at present.\u201d<\/p>\n<p><em>Additional reporting by Eva Xiao<\/em><\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.ft.com\/content\/365500c1-d4e4-47a3-bb03-78730b3761d5\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Stay informed with free updates Simply sign up to the US banks myFT Digest &#8212; delivered directly to your inbox. When JPMorgan&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":{"0":"post-12021","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Who are the Wall Street bankers selling stock like Jamie Dimon? | inFundPros<\/title>\n<meta name=\"description\" content=\"Stay informed with free updatesSimply sign up to the US banks myFT Digest -- delivered directly to your inbox.When JPMorgan Chase chief executive Jamie\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=12021\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Who are the Wall Street bankers selling stock like Jamie Dimon? 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