Connect with us


JPMorgan CEO Jamie Dimon hints at retirement within five years




JPMorgan CEO Jamie Dimon hints at retirement within five years

Jamie Dimon, CEO of JPMorgan Chase & Co., at the UK Global Investment Summit at Hampton Court Palace in London, UK, on ​​Monday, November 27, 2023.

Bloomberg | Bloomberg | Getty Images

Jamie Dimon’s days as CEO of JPMorgan Chase are numbered – although it is unclear by how many.

In response to a question Monday about the bank’s succession planning, Dimon indicated that his expected term will be less than five years. That’s a significant change from Dimon’s previous responses to succession questions, in which his standard answer was that his retirement would be continuously over five years.

“The timetable is not five years anymore,” Dimon said at the New York-based bank’s annual investor meeting.

The ambiguity of Dimon’s plans has made the timing of the succession at JPMorgan one of the lingering questions for the bank’s investors and analysts. In nearly two decades, Dimon, 68, has built his lender into the largest in America by assets, market capitalization and a number of other measures.

Still, Dimon added Monday that he still has “the energy I’ve always had” in leading the sprawling company.

The decision on when he moves on will ultimately be up to JPMorgan’s board of directors, Dimon said, and he urged investors and analysts to explore which executives could take his place.

At the top of the shortlist of candidates is Marianne LakeCEO of JPMorgan’s consumer bank, and Jennifer Piepszak, who co-leads the commercial and investment bank; The managers received their last assignments in January.

“We’re on the road, we’re transporting people,” Dimon said.

However, even if he steps down as CEO, he is likely to remain as chairman of the bank, JPMorgan said.

The bank’s shares fell 3.6%.