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NEW YORK (Reuters) - JPMorgan Chase & Co Chief Executive Jamie Dimon made a $2.29 million pretax profit by exercising stock options and then selling most of the resulting shares of the second-largest U.S. bank.
According to a regulatory filing, Dimon on July 17 exercised 660,000 options under a pre-existing trading plan at $29.96 per share, at a cost of $19.77 million. He then sold 601,279 of the resulting shares at $36.69 per share, for gross proceeds of $22.06 million, the filing shows.
Following the transactions, Dimon and his wife controlled about 5.04 million JPMorgan shares worth roughly $185.8 million, based on that day's closing price of $36.89, the filing shows.
Dimon conducted the transactions a day after New York-based JPMorgan reported a larger-than-expected 36 percent increase in second-quarter profit.
Several other JPMorgan officials also exercised stock options on July 17, other regulatory filings show.
Among them, retail banking chief Charles Scharf exercised 200,000 options and sold 180,739 of the resulting shares, for a pretax profit of about $641,000, one of the filings shows.
JPMorgan shares were down 15 cents to $36.83 in Tuesday afternoon trading on the New York Stock Exchange.
http://www.reuters.com/article/ousivMolt/idUSTRE56K5KC20090721
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