Jamie Dimon, chief executive officer of JPMorgan Chase & Co., at the UK Global Investment Summit at Hampton Court Palace in London, UK, on Monday, November 27, 2023.
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Jamie Dimondays as CEO of JPMorgan Chase numbered – although it’s unclear how many.
In response to a question Monday about the bank’s succession plan, Dimon said his expected term has less than five years left. That’s a significant change from Dimon’s previous responses to questions about his successor, in which standard answer was a permanent retirement lasting another 5 years.
“The timetable is no longer five years,” Dimon said at the New York-based bank’s annual investor meeting.
The ambiguity of Dimon’s plans has made the timing of succession at JPMorgan one of the persistent questions for the bank’s investors and analysts. Over nearly two decades, Dimon, 68, has built his lender into America’s largest by assets, market capitalization and several other measures.
Still, Dimon added Monday that he still has “the energy I always have” in managing the booming company.
The decision on when he leaves will ultimately be up to JPMorgan’s board, Dimon said, and he encouraged investors and analysts to examine possible executives replace him.
Topping the short list of candidates is Lake MarianneCEO of consumer bank JPMorgan, and Jennifer Piepszak, who co-heads its commercial and investment bank; the executives were awarded Latest exercises in January.
“We are on our way to moving people around,” Dimon said.
However, even if he steps down as CEO, it is likely he will continue to serve as the bank’s chairman, JPMorgan said.
Shares of this bank decreased 3.6%.
