Jamie Dimon Hints An Early Exit From JPMorgan

On Monday, Jamie Dimon, the long-time CEO of America’s largest bank, JPMorgan Chase, said that he might be leaving the company and his position sooner than expected. JPMorgan Chase is America’s largest bank in terms of assets and Jamie Dimon is also among the top CEOs in the world who are very closely listened to. However, at 68, he is now considering an early retirement. 

This comes as a surprise as he has jokingly said several times that he is 5 years away from his retirement. However, at the bank’s investor conference last week, Dimon said that his retirement is “ not 5 years anymore.”  Dimon, who has been the top executive in the bank since 2006, also said, “While 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.” When he was asked about the succession plans at the bank, he said that the bank is “well on the way” to finding a new CEO and the successor of Dimon. 

This announcement also changed the stock price of America’s biggest bank by asset, as after Dimon’s announcement, the share price closed 4.3% lower for the day. An analyst of Bank Of Americas also wrote in a note on Tuesday, “We believe that it will take time for the street to gain comfort with the next CEO, and the stock reaction was evidence of that. Dimon has delivered unparalleled shareholder returns during his tenure as CEO while navigating the bank through some major macro-economic crises.

Also Read: Fresh Face at the Helm: FDIC To Get New Chief

As for appointing his successor, the bank has been moving its top executives to new positions to expand their experience; for now, the leading prospects for Dimon’s successor are as follows:

  • Marianne Lake, CEO of the consumer division of JPMorgan Chase
  • Jennifer Piepszak and Troy Rohrbaugh, Co-CEOs of Commercial and Investment Bank 
  •  Mary Erdoes, CEO of asset and wealth management
  • Jeremy Barnum, Chief Financial Officer
  • Daniel Pinto, President and Chief Operating Officer

Leave a Reply