Jamie Dimon, the CEO of JPMorgan Chase, and his family have announced plans to sell one million shares in the bank starting next year. Currently, Dimon and his family own approximately 8.6 million shares in the company. This will be Dimon's first stock sale during his 17-year tenure as CEO. The value of the transaction is estimated to be around $141 million, based on the closing price of JPMorgan Chase shares at $140.76. The company stated that Dimon still believes in the strong prospects of the company and his remaining stake will remain significant. JPMorgan Chase's shares have risen by about 5% this year, despite challenging conditions in the banking industry. The Federal Reserve's series of interest rate hikes has affected loan demand and forced banks to pay more for high-yielding holdings. Additionally, banks have experienced a decline in the value of their own bond investments. However, JPMorgan Chase has managed to surpass earnings expectations, with a 35% increase in profit last quarter due to the acquisition of collapsed regional lender First Republic. Dimon has expressed concerns about the Federal Reserve's fight against inflation and the potential negative impact of ongoing conflicts in Ukraine, Israel, and Gaza on global financial markets and geopolitical relationships. He described the current period as potentially the most dangerous time the world has faced in decades.
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