JP Morgan CEO Jamie Dimon delivers a speech during the inauguration the new French headquarters of JP Morgan bank in Paris
Dimon has been CEO of JPMorgan since 2005 Reuters

Jamie Dimon and his family plan to sell 1 million shares of the bank he leads.

JPMorgan Chase made the announcement in a filing with the Securities and Exchange Commission, saying that the sales will start in 2024.

"This is Mr. Dimon's first such stock sale during his tenure at the company," the bank reported. "Mr. Dimon continues to maintain strong confidence in the company's prospects, and his stake in the company will remain substantial."

According to the filing, Dimon and his family possess approximately 8.6 million JPMorgan shares, with a total value of approximately $1.18 billion. The sale of the securities is contingent on the terms of a trading plan and is primarily intended "for financial diversification and tax-planning purposes."

JPMorgan shares experienced a 3.1% decline, reaching $137.65 at 11:15 a.m. in New York.

At the age of 67, Dimon has held the position of chairman and chief executive officer of the largest U.S. bank since 2005. He has reiterated in various public appearances throughout the year that he has no intention of retiring.

Morgan Stanley, another major Wall Street bank, announced on Wednesday that Ted Pick will succeed James Gorman as its next CEO. Gorman has been at the helm of the firm since 2010.

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