JPMorgan Chase & Co. Chief Executive Jamie Dimon has indicated he may step down as head of the nation’s largest financial institution sooner than widely expected.
The 68-year-old Wall Street mogul told analysts at JPMorgan Chase & Co.’s Investor Day on Monday. [for his retirement] It’s been less than five years. ”
He did not provide details about when he would step down, but said JPMorgan Chase’s succession planning is “progressing well” and that “it’s up to the board, it’s not up to me.”
“I still have the same energy that I always have,” Dimon said. “If I can’t wear a jersey or something full of gear, I think I should quit.”
Mr. Dimon said his successor will be an executive within the bank, and several key deputy executives have rotated roles in recent years to broaden their management experience.
Top candidates include Jennifer Piepszak and Troy Rohrbaugh, who were recently named co-CEOs of JPMorgan’s expanded commercial and investment bank. Marianne Lake, CEO of Consumer and Community Banking. Mary Erdos, CEO of Wealth and Wealth Management.
The Post has reached out to JPMorgan Chase for comment.
Mr. Dimon has run JPMorgan Chase & Co. for more than 18 years, and his next steps have long been the subject of speculation.
In 2021, Mr. Dimon was given a special bonus and an incentive to remain as CEO until 2026.
Mr. Dimon, who was worth $2.2 billion as of Monday, will be eligible for a one-time deferred bonus of $52.62 million if he remains at the top of the bank for the next 18 months, according to Forbes.
Last May, Mr. Dimon said he could retire within 3 1/2 years.
Last month, JPMorgan Chase’s board said that “planning for an orderly CEO transition over the medium term” was a top priority for the bank.
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 board’s proxy statement listed several potential successors to Mr. Dimon, including Mr. Piepsack, Mr. Rohbaugh, Mr. Ardose and Mr. Pinto.
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.”
Dimon’s total compensation last year was $35.1 million, up from $34.85 million in 2022.
He would be entitled to retain his bonus and retire early, provided he takes an elected government job or a non-elected government job.
Dimon, who has been rumored to be a Treasury secretary candidate for years, told journalists last month, “I want to help my country.”
“No matter who the next president is, I want him to stand up against me. [members] in their cabinet. That’s what I want to see. We want practitioners to return to government. ”
During December, This was reported by the news site Axios. Former President Donald Trump has said he would consider appointing Dimon to the Treasury secretary post if he wins this fall’s election.
Dimon, who has traditionally supported the Democratic Party, appealed to Democratic supporters to be more understanding of those who voted for President Trump.
He also praised Trump for being “kind of right” on issues such as immigration and the North Atlantic Treaty Organization (NATO).
Dimon, who previously mocked Trump, is said to have angered Biden administration officials.
with post wire
