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Final 12 months at JPMorgan Chase’s investor day Dimon mentioned that the timetable for his departure was “lower than 5 years.” When requested Monday what number of extra years he would stay as CEO, Dimon mentioned: “The intent is similar as final 12 months. Nothing has modified in any respect.”
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 selection. Dimon, who’s 69, is comparatively younger for a monetary companies CEO. Stephen Schwarzman, chairman and CEO of Blackstone, is 78 whereas 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 three, that is a very long time. It is like quite a lot of the current worth of the world, okay?” Dimon mentioned.
Dimon’s retirement, and who will exchange him, is a scorching subject of Wall Road chatter. Earlier this 12 months, throughout a financial institution city corridor, Dimon instructed workers that he deliberate to stay CEO “for just a few extra years” and would then transition to a boss’s place, Fortune reported in March.
“Buyers [are] not fairly prepared for CEO Jamie Dimon to cross on the baton,” wrote Ebrahim Poonawala, a Bank of America analysis analyst in a Might 15 analysis observe.
3 potential successors
Dimon is likely one of the most profitable Wall Road CEOs. Since taking on as JPMorgan Chase’s CEO in 2006, the financial institution’s share worth 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 underneath the present CEO has been a best-in-class financial institution marked by consistency, development, effectivity, resiliency, and enterprising tradition,” wrote Mike Mayo, head of huge financial institution analysis at Wells Fargo, in a Might 11 analysis observe.
The race to exchange Dimon modified earlier this 12 months when two contenders opted out. In January, Jennifer Piepszak grew to become chief working officer and told 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, announced that month he would step down in June.
Dimon on Monday singled out Pinto on the finish of the investor day, saying “what a terrific associate he’s been all these years.” JPMorgan Chase’s “world class funding financial institution and world class danger administration techniques” had been due to Pinto’s efforts, Dimon mentioned.
The JPMorgan Chase investor day was an audition for the three present candidates to exchange Dimon. The lead contenders for Dimon’s place are Marianne Lake, CEO of shopper and neighborhood banking (CCB), and Troy Rohrbaugh, co-CEO of the business and funding financial institution (CIB), Mayo wrote.
Lake has spent 25 years at JPMorgan Chase and was beforehand CEO of shopper 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 Road Journal said.
Rohrbaugh, a 20-year veteran of JPMorgan Chase, was beforehand co-head of markets and securities companies and lead macro markets, which incorporates the charges, overseas alternate, rising markets and commodities companies. Rohrbaugh is down-to-earth and really approachable, colleagues told Fortune final 12 months.
Additionally within the operating is Douglas Petno, co-CEO of the business and funding financial institution. Petno has labored for JPMorgan Chase for 35 years and most just lately served as co-head of world banking.
“Efficiently operating a big financial institution is a tough process, however whoever ultimately takes the reins will probably begin with a comparatively stronger hand than some (although, with massive sneakers to fill),” Mayo wrote.
This story was initially featured on Fortune.com
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