JPMorgan’s Pinto Cut His Stake in Bank Months Ago

Daniel Pinto, co-head of JPMorgan Chase & Co. (JPM)’s corporate and investment bank, sold $7.6 million in company stock in a pair of previously undisclosed transactions months ago, according to a regulatory filing.

A delay in reporting the sales, which occurred in April and July, “was an error which we caught and corrected,” said Mark Kornblau, a spokesman for the New York-based firm. The Securities and Exchange Commission requires transactions by corporate insiders to be disclosed within two business days, according to the agency’s website.

Pinto, 50, sold 73,000 shares valued at $3.56 million on April 29 and 73,247 shares valued at $4.06 million on July 15, according to yesterday’s filing. The deals disposed of almost all of his direct holdings that would have been eligible for sale at the time, according to descriptions of his awards and their terms in January filings.

JPMorgan has risen 19 percent this year to $52.52 at 10:52 a.m. in New York, trailing the 26 percent increase in the KBW Bank Index (BKX) of 24 U.S. lenders.

Pinto also exercised 400,000 stock options that gave him shares valued at about $22 million and sold 263,057 shares for $14.5 million to cover the cost of the transaction as well as his tax obligations on July 15, according to a July 17 filing.

Photographer: Victor J. Blue/Bloomberg

A flag with the JPMorgan Chase & Co. logo flies in front of the company's offices in New York. Close

A flag with the JPMorgan Chase & Co. logo flies in front of the company's offices in New York.

Close
Open
Photographer: Victor J. Blue/Bloomberg

A flag with the JPMorgan Chase & Co. logo flies in front of the company's offices in New York.

He directly owns shares that would be valued at $10.6 million, based on figures in filings on July 26 and yesterday. He also holds $8.25 million of JPMorgan shares in a trust, valued at yesterday’s closing price of $52.48.

To contact the reporters on this story: Dawn Kopecki in New York at dkopecki@bloomberg.net; Michael J. Moore in New York at mmoore55@bloomberg.net

To contact the editors responsible for this story: David Scheer at dscheer@bloomberg.net; Christine Harper at charper@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.