Jamie Dimon and Nine of His Top Executives at JPMorgan Chase Have Dumped Over $150 Million of their JPMorgan Stock in Last Two Months

[Gunnar Larson]

https://wallstreetonparade.com/2024/02/jamie-dimon-and-nine-of-his-top-executives-at-jpmorgan-chase-have-dumped-over-150-million-of-their-jpmorgan-stock-in-last-two-months/


By Pam Martens and Russ Martens: February 26, 2024 ~

According to Form 4 filed with the Securities and Exchange Commission by
corporate insiders, ten of the key executives at the largest bank in the
United States, JPMorgan Chase, have dumped more than $150 million in common
stock in the bank this year. The sales come as the bank’s stock has been
hitting all time highs while the scandals at the bank are also hitting
unprecedented levels.

The largest seller by far was the Chairman and CEO of the bank, Jamie
Dimon. According to his Form 4, on February 22 of this year, Dimon sold
737,420 shares of the bank’s common stock for $135 million.

The newly promoted Troy Rohrbaugh, who is now Co-CEO of JPMorgan Chase’s
Commercial and Investment Bank (CIB), sold 75,000 shares on February 22 of
this year for $13.7 million.

Stacey Friedman, General Counsel at the bank, sold 6,030 shares on February
22 for $1.1 million.

Peter Scher, Vice Chairman, sold 1,810 shares on February 16 of this year
for approximately $324,000.

Jennifer Piepszak, Co-CEO, Commercial and Investment Bank (CIB), on
February 16, 2024, sold 1,648 shares for $295,000. Piepszak has been
selling large chunks of the bank’s stock since 2019.

Marianne Lake, CEO of the Consumer and Community Bank (CCB), on Feb 16 sold
4,459 shares for $798,000.

Ashley Bacon, Chief Risk Officer (at a bank that is ranked by its
regulators as the riskiest bank in the U.S.) sold 3,368 shares on February
16 of this year for approximately $602,856. Bacon has been selling large
chunks of JPMorgan Chase stock since 2013.

Mary Erdoes, who has been implicated in the Jeffrey Epstein sex trafficking
scandal at the bank, but remains CEO of the Asset & Wealth Management unit,
on January 16, 2024 sold 4,814 shares for $861,664. Erdoes has also been
selling large chunks of JPMorgan Chase’s stock since 2010. This is how the
New York Times reported Erdoes’ role with Epstein in August 2019:

“When compliance officers at JPMorgan Chase conducted a sweep of their
wealthy clients a decade ago, they recommended that the bank cut its ties
to the financier Jeffrey E. Epstein because his accounts posed unacceptable
legal and reputational risks.

“Yet Mr. Epstein, who had been charged with sex crimes and pleaded guilty
in 2008 to solicitation of prostitution, remained a JPMorgan client until
2013.

“The main reason, according to six former senior executives and other bank
employees familiar with the matter, was that Mary C. Erdoes, one of
JPMorgan’s highest-ranking executives, intervened to keep him as a client.”

Other key executives at JPMorgan Chase selling the bank’s stock this year
included:

Lori Beer, Chief Information Officer, sold 3,920 shares for $716,000.

Doug Petno, previously the head of the commercial bank, but now reporting
to Piepszak and Rohrbaugh, sold 3,267 shares of common stock in January and
another 3,266 shares this month for a combined $1.1 million.

It does not appear that Daniel Pinto, JPMorgan’s president and chief
operating officer, has sold stock yet this year. However, Pinto has been
selling large blocks of JPMorgan Chase stock since 2013. For example, on
May 11, 2023, Pinto sold 113,640 shares of the bank’s common stock for
proceeds of $15.4 million.

In most cases, when an insider executes a transaction, he or she must file
a Form 4 with the SEC within two business days following the transaction
date. Transactions in a company’s common stock as well as derivative
securities, such as options, warrants, and convertible securities, are
reported on the Form 4. We will watch to see if other key executives report
sales and if Dimon increases his sale of common stock. Dimon initially
reported that he would be selling 1 million shares of his stock.
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