JPMorgan Chase is preparing for the day when Jamie Dimon no longer heads the giant bank.
JPMorgan Chase’s board of directors said the bank’s top priority is “planning for an orderly CEO transition over the medium term.” According to the latest proxy statement It was released on Monday.
The bank said its board is “devoting significant time to developing operating committee members who are well known to shareholders as strong CEO candidates.”
The proxy statement also mentions several potential successors to Mr. Dimon who have been promoted to new roles.
Jennifer Piepsak and Troy Rohrbaugh were recently promoted to co-CEOs of JPMorgan’s commercial and investment banking division, and Marian Lake assumed the role of CEO of consumer and community banking.
The proxy statement also mentions Mary Erdos, CEO of Wealth and Asset Management, and Daniel Pinto, President and Chief Operating Officer.
“These senior management changes and new collaborations will help us better serve our customers and further develop our most senior leaders,” the board said.
Mr. Pinto was selected by the board of directors as someone who could “immediately assume the responsibilities” of CEO “if the need arose in the short term.”
JPMorgan, the nation’s largest financial institution in terms of assets under management, has made no secret of its fondness for Mr. Pinto. At its Investor Day two years ago, the bank said it was prepared to have Mr. Pinto succeed Mr. Dimon.
JPMorgan’s succession plans for the post-Dimon era have long been a source of speculation on Wall Street, but in recent months Wall Street has been spooked by high-profile management changes at Morgan Stanley and Lazard. There is.
James Gorman has stepped down as president of Morgan Stanley Bank after 14 years. He was replaced by Ted Pick, a foul-mouthed executive with a reputation as a “party animal.”
Peter Orszag, a former vice chairman of investment banking at advisory firm Lazard, was appointed CEO this fall, replacing Ken Jacobs.
Mr. Dimon, who has run JPMorgan Chase & Co. for more than 18 years, signaled last year that he planned to step down after 3 1/2 years.
So far, he has refused to rule out a post-bank political career.
Billionaire hedge fund manager Bill Ackman endorsed Dimon’s candidacy for president last year.
Asked if he would ever consider entering politics, Mr. Dimon told Bloomberg News last year: “Maybe someday I’ll serve my country in some capacity.”
Mr. Dimon, 68, whose net worth is estimated by Forbes magazine at $2.2 billion, is credited with leading JPMorgan Chase & Co. out of the tumultuous 2008 financial crisis.
Mr. Dimon came forward last year to rescue the struggling banking industry following the failures of Silicon Valley Bank, Signature Bank of New York and First Republic Bank.
JPMorgan acquired most of First Republic’s assets and assumed deposits and other liabilities from the California-based lender.
