Is the Jamie Dimon era at JPMorgan chase nearing its end?
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JPMorgan Chase (NYSE:JPM) held its annual Investor Day on Monday, but the events of the day were overshadowed by comments made by CEO Jamie Dimon on his future with the company. Dimon, age 68 and currently the longest-tenured big-bank CEO, was asked about succession planning in the question-and-answer portion of the event, and his response made headlines. Typically, Dimon has not responded seriously to such questions, joking that it was always five years away. However, he gave a different answer on Monday, saying, “The timetable isn’t five years anymore.” Succession from in house? Dimon has been running JPMorgan Chase since 2006, and in that time, the bank has been the best, most well-run major bank in the world. His philosophy of building a “fortress balance sheet” has been the foundation on which JPMorgan Chase has been built, allowing it to navigate various market and economic environments better than its competitors. Over the last 10 years, JPMorgan stock has had an average annualized return of 14%, and this year, it has surged 15.4% year to date. Dimon did not elaborate on the bank’s succession plans, but saying the timetable isn’t five years any more suggests he will retire within the next few years. “I still have the energy I’ve always had, I think when I can’t put on the jersey or any given full thing, I should leave,” Dimon said, reported CNN. However, the CEO did give a sense that internal discussions are underway. “We’re on the way; we’re moving people around,” Dimon said, according to Reuters. The leading candidates to replace Dimon are all in house, according to reports. Among those in the running are Jennifer Piepszak and Troy Rohrbaugh, who are co-CEOs of the commercial and investment bank; Marianne Lake, the CEO of consumer and community banking;…
Filed under: News - @ May 24, 2024 7:22 am