JPMorgan Chase (JPM) and Co.’s Michael Cavanagh, co-head of the corporate and investment bank, and human resources chief John Donnelly sold shares valued at $2.76 million after the firm posted a record quarterly profit.
Cavanagh sold 40,000 shares at $42 apiece for $1.68 million and held 234,765 shares after the transaction, according to a regulatory filing this week. Donnelly sold 25,000 shares at $43.29 each for $1.08 million, a separate filing today shows. He still owns 25,362 shares and his wife holds 12,500.
The executives, both members of the operating committee, sold the shares after the New York-based lender reported a $5.7 billion third-quarter profit last week. They also own restricted stock units and options that weren’t disclosed in this week’s filings.
“Mike and John retain more than 75 percent of the JPMorgan shares granted to them,” said Joe Evangelisti, a company spokesman. Cavanagh and Donnelly declined to comment, Evangelisti said.
Cavanagh, 46, was awarded 122,174 restricted shares valued at about $4.35 million when they were distributed on Jan. 18, and 224,972 options with a strike price of $35.61, according to a filing. Donnelly received 46,640 restricted stock units worth about $1.6 million that same day, as well as 84,365 options, a separate filing shows.
To contact the editor responsible for this story: David Scheer at email@example.com