Final yr at JPMorgan Chase’s investor day Dimon mentioned that the timetable for his departure was “less than five years.” When requested Monday what number of extra years he would stay as CEO, Dimon mentioned: “The intent is the same as last year. Nothing has changed at all.”
Dimon, who spoke final Monday, touted what he sees because the financial institution’s sturdy 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 confidence the financial institution would thrive regardless of who serves as its chief, Dimon mentioned.
The JPMorgan Chase CEO mentioned it was prudent to be enthusiastic about success however whether or not he stays isn’t his alternative. Dimon, who’s 69, is comparatively younger for a monetary providers CEO. Stephen Schwarzman, chairman and CEO of Blackstone, is 78 whereas BlackRock’s Larry Fink is 72.
“Obviously it’s up to the board. If I’m here for four more years or two or three, that’s a long time. It’s like a lot of the present value of the world, okay?” Dimon mentioned.
Dimon’s retirement, and who will exchange him, is a scorching subject of Wall Avenue chatter. Earlier this yr, throughout a financial institution city corridor, Dimon instructed staff that he deliberate to stay CEO “for a few more years” and would then transition to a boss’s place, Fortune reported in March.
“Investors [are] not quite ready for CEO Jamie Dimon to pass on the baton,” wrote Ebrahim Poonawala, a Financial institution of America analysis analyst in a Might 15 analysis be aware.
3 potential successors
Dimon is among the most profitable Wall Avenue CEOs. Since taking up as JPMorgan Chase’s CEO in 2006, the financial institution’s share value has soared greater than 500%. On Monday, the inventory closed at $264.88, off 5% from their 52-week excessive of $280.25 that the financial institution reached in February.
“JPM under the current CEO has been a best-in-class bank marked by consistency, growth, efficiency, resiliency, and enterprising culture,” wrote Mike Mayo, head of huge financial institution analysis at Wells Fargo, in a Might 11 analysis be aware.
The race to interchange Dimon modified earlier this yr when two contenders opted out. In January, Jennifer Piepszak turned chief working officer and instructed the financial institution she wouldn’t search the CEO place. Daniel Pinto, who was president and COO and was thought-about 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, saying “what a great partner he’s been all these years.” JPMorgan Chase’s “world class investment bank and world class risk management systems” have been due to Pinto’s efforts, Dimon mentioned.
The JPMorgan Chase investor day was an audition for the three present candidates to interchange Dimon. The lead contenders for Dimon’s place are Marianne Lake, CEO of client and group banking (CCB), and Troy Rohrbaugh, co-CEO of the industrial and funding financial institution (CIB), Mayo wrote.
Lake has spent 25 years at JPMorgan Chase and was beforehand CEO of client lending from 2019 to 2021. Lake is near many executives at JPMorgan Chase, together with Piepszak with whom she ran Chase Financial institution, the Wall Avenue Journal mentioned.
Rohrbaugh, a 20-year veteran of JPMorgan Chase, was beforehand co-head of markets and securities providers and lead macro markets, which incorporates the charges, overseas change, rising markets and commodities companies. Rohrbaugh is down-to-earth and really approachable, colleagues instructed Fortune final yr.
Additionally within the operating is Douglas Petno, co-CEO of the industrial and funding financial institution. Petno has labored for JPMorgan Chase for 35 years and most just lately served as co-head of worldwide banking.
“Successfully running a large bank is a difficult task, but whoever eventually takes the reins will likely start with a relatively stronger hand than some (though, with big shoes to fill),” Mayo wrote.
This story was initially featured on Fortune.com
