Shares of banks and other financial institutions slid after investors interpreted a share-sale plan from JPMorgan Chase Chief Executive Jamie Dimon as his first step back from running the largest U.S. bank by assets.
Dimon plans to sell one million of his 8.6 million stake in the bank, worth about $140 million at Thursday’s close, in a trading plan beginning in 2024. The bank described Dimon’s plan as an attempt to diversify his family’s finances and manage tax exposure.
Shares of JPMorgan fell by more than 3.5% as investors feared the longest-serving head of a systemically important bank was stepping back from the firm he managed through the 2008 financial crisis and other seismic market events.
Industrial & Commercial Bank of China reported third-quarter earnings ahead of Wall Street expectations.
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