JPMorgan Chase CEO Jamie Dimon attends the UK Global Investment Summit held at Hampton Court Palace on Monday, November 27, 2023 in London, England.
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Jamie Dimon’s time as CEO of JPMorgan Chase & Co. is numbered, but it’s unclear how long he will last.
Mr. Dimon responded Monday to questions about the bank’s succession plans, suggesting he expected to remain in office for less than five years. This is a significant change from Mr. Dimon’s previous responses to the succession question. Mr. Dimon’s standard answer at the time was that his retirement was forever five years away.
“The timeline is no longer five years,” Dimon said at the New York-based bank’s annual investor conference.
The timing of JPMorgan’s successor is one of the persistent questions for the bank’s investors and analysts, as Mr. Dimon’s plans remain vague. Over nearly two decades, Mr. Dimon, 68, built his lender into one of the largest in the United States by assets, market capitalization and many other metrics.
Still, Mr. Dimon added Monday that he still has “the same energy as ever” in running his vast company.
Dimon said the decision on when to step down ultimately rests with JPMorgan’s board of directors, and urged investors and analysts to consider who could replace him.
At the top of the short list of candidates are: Marianne LakeCEO of JPMorgan Consumer Banking, and jennifer peepzakCo-leads commercial banking and investment banking. The executives were given their latest assignments in January.
“We’re on our way and moving people around,” Dimon said.
But even if he were to step down as CEO, JPMorgan said he would likely remain the bank’s chairman.
The bank’s stock price fell 3.6%.
