JPMorgan Chase & Co (NYSEJPM) executive Jes Staley has reduced his interest in the US bank after selling 30,000 shares, accounting for 7% of his stake, for a total of USD1.12m (EUR912,000), a regulatory filing showed.
Staley sold the JPM stock at a price of USD35.26 a piece, the filing said. After this disposal, the executive still holds 384,855 JPM shares with a value of around USD14.34m.
Staley acted as chief executive of JPMorgan’s investment bank until last month when he was appointed chairman of JPMorgan’s new corporate and investment banking segment, which combines former investment bank (IB), treasury and security services (TS) and the global corporate bank businesses, JPMorgan said.
The tie-up of these units is part of plans announced by JPMorgan on 27 July to unify some of its Chase-branded businesses, in line with its growth strategy.
At the time, the bank said the move would more formally align two of its JPMorgan-branded wholesale franchises enabling the business to better serve customers and investors globally.
Among the benefits of the new corporate and investment bank, JPMorgan pointed out a shared balance sheet which can provide credit to clients more efficiently, as well as the scale resulting from the combined resources, infrastructure and technology and a team coordinated globally.