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JPMorgan’s Pinto Cut His Stake in Bank Months Ago

JPMorgan’s Pinto Cuts Holdings in Formerly Undisclosed Sales
A flag with the JPMorgan Chase & Co. logo flies in front of the company's offices in New York. Photographer: Victor J. Blue/Bloomberg

Daniel Pinto, co-head of JPMorgan Chase & Co.’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 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.

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.

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