When times are looking their bleakest, people look to their leaders for light.
The banking sector has seen some turmoil in recent months with macroeconomic concerns sending the Invesco KBW Bank ETF (KBWB) -) falling more than 6% over the previous four weeks.
Related: JP Morgan leaps on Q3 earnings beat, but CEO Jamie Dimon warns on 'dangerous' global risks
One of the major signs of company weakness investors look for is executives selling off stock. It's a giant red flag if people whose compensation is directly tied to their company stock holdings start selling shares.
Jamie Dimon has held onto his JPMorgan Chase (JPM) -) stock with diamond hands that would make most meme stock apes jealous. The CEO of the world's largest investment bank hasn't sold any stock in his company since he took helm of the company 18 years ago.
That streak will come to an end next year when Dimon and his family will begin unloading shares currently worth about $141 million. Dimon will use the proceeds from the sale for "financial diversification and tax-planning purposes" according to a regulatory filing Friday.
Despite the ominous signal this gives markets, the filing insists that "Dimon continues to believe the company's prospects are very strong and his stake in the company will remain very significant."
The Dimon family currently holds about 8.6 million shares in addition to 561,793 unvested performance share units and stock appreciation rights to 1.5 million shares.
Dimon was paid $34.5 million in salary for 2023, including a base salary of $1.5 million and a performance-incentive of $33 million. He has a net worth of about $2 billion, according to Bloomberg Billionaires Index.
Earlier this month, JPMorgan reported better-than-expected third quarter earnings, thanks in a part to a surge in net interest income, while warning that geo-political risks have created "the most dangerous time the world has seen in decades."
"Currently, U.S. consumers and businesses generally remain healthy, although, consumers are spending down their excess cash buffers," said Dimon. "However, persistently tight labor markets as well as extremely high government debt levels with the largest peacetime fiscal deficits ever are increasing the risks that inflation remains elevated and that interest rates rise further from here."
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