Remaining yr at JPMorgan Chase’s investor day Dimon mentioned that the timetable for his departure was once “not up to 5 years.” When requested Monday what number of extra years he would stay as CEO, Dimon mentioned: “The intent is equal to ultimate yr. Not anything has modified in any respect.”
Dimon, who spoke ultimate Monday, touted what he sees because the financial institution’s robust management pipeline. He mentioned JPMorgan Chase, which has $4.4 trillion in belongings as of March 31, has constructed a “very deep bench” and expressed self assurance the financial institution would thrive regardless of who serves as its chief, Dimon mentioned.
The JPMorgan Chase CEO mentioned it was once prudent to be serious about good fortune however whether or not he remains isn’t his selection. Dimon, who’s 69, is somewhat younger for a monetary services and products CEO. Stephen Schwarzman, chairman and CEO of Blackstone, is 78 whilst BlackRock’s Larry Fink is 72.
“Clearly it is as much as the board. If I am right here for 4 extra years or two or 3, that is a very long time. It is like numerous the prevailing price of the sector, ok?” Dimon mentioned.
Dimon’s retirement, and who will change him, is a scorching subject of Wall Boulevard chatter. Previous this yr, throughout a financial institution the town corridor, Dimon advised workers that he deliberate to stay CEO “for a couple of extra years” and would then transition to a md’s place, Fortune reported in March.
“Buyers [are] no longer slightly in a position for CEO Jamie Dimon to go at the baton,” wrote Ebrahim Poonawala, a Financial institution of The usa analysis analyst in a Might 15 analysis be aware.
3 attainable successors
Dimon is among the maximum a success Wall Boulevard CEOs. Since taking up as JPMorgan Chase’s CEO in 2006, the financial institution’s proportion worth has soared greater than 500%. On Monday, the inventory closed at $264.88, off 5% from their 52-week top of $280.25 that the financial institution reached in February.
“JPM beneath the present CEO has been a best-in-class financial institution marked via consistency, enlargement, potency, resiliency, and enterprising tradition,” wrote Mike Mayo, head of huge financial institution analysis at Wells Fargo, in a Might 11 analysis be aware.
The race to switch Dimon modified previous this yr when two contenders opted out. In January, Jennifer Piepszak changed into leader working officer and advised the financial institution she wouldn’t search the CEO place. Daniel Pinto, who was once president and COO and was once regarded as Dimon’s proper hand, introduced that month he would step down in June.
Dimon on Monday singled out Pinto on the finish of the investor day, announcing “what a really perfect spouse he’s been a lot of these years.” JPMorgan Chase’s “global category funding financial institution and global category chance control methods” had been as a result of Pinto’s efforts, Dimon mentioned.
The JPMorgan Chase investor day was once an audition for the 3 present applicants to switch Dimon. The lead contenders for Dimon’s place are Marianne Lake, CEO of shopper and group banking (CCB), and Troy Rohrbaugh, co-CEO of the economic and funding financial institution (CIB), Mayo wrote.
Lake has spent 25 years at JPMorgan Chase and was once in the past CEO of shopper lending from 2019 to 2021. Lake is just about many executives at JPMorgan Chase, together with Piepszak with whom she ran Chase Financial institution, the Wall Boulevard Magazine said.
Rohrbaugh, a 20-year veteran of JPMorgan Chase, was once in the past co-head of markets and securities services and products and lead macro markets, which incorporates the charges, foreign currency echange, rising markets and commodities companies. Rohrbaugh is down-to-earth and really approachable, colleagues advised Fortune ultimate yr.
Additionally within the operating is Douglas Petno, co-CEO of the economic and funding financial institution. Petno has labored for JPMorgan Chase for 35 years and maximum not too long ago served as co-head of world banking.
“Effectively operating a big financial institution is a hard activity, however whoever sooner or later takes the reins will most probably get started with a somewhat more potent hand than some (even though, with large footwear to fill),” Mayo wrote.
This tale was once in the beginning featured on Fortune.com
