JPMorgan CEO Dimon to Sell $141 Million in Company Stock for Diversification and Tax Reasons

JPMorgan CEO Jamie Dimon plans to sell 1 million of his 8.6 million shares in the bank next year, the first such sale in 18 years as CEO.

The sale would be worth about $141 million and is for "financial diversification and tax-planning purposes," not related to succession planning.

Analysts say the sale makes sense given Dimon's wealth concentration in JPMorgan stock, though share sales by executives can spark concern.

Dimon has helped steer JPMorgan through crises and remains bullish on its prospects, though the sale highlights eventual succession planning.

JPMorgan stock slid on the news but analysts still see its balance sheet as strong; Dimon's stake would still be worth over $1 billion after the sale.