JPMorgan Chase CEO Jamie Dimon highlighted recent concerns about the U.S. economy and the expected impact of looming banking regulations.
JPMorgan Chase CEO Jamie Dimon He told analysts and investors on Monday that he is likely to leave the company within the next five years as succession planning begins to come into focus.
Dimon made the comments during a Q&A with analysts at JPMorgan Chase & Co.’s annual Investor Day. His remarks included a notable change from previous comments. succession planHowever, he declined to provide a final schedule.
“The timeline is no longer five years,” Dimon said. Dimon previously said when asked about his future plans that he generally plans to stay at JPMorgan for another five years.
“I still have the energy I always had,” he explained. “If I can’t wear a jersey or something, I think I should quit.”
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JPMorgan Chase & Co. CEO Jamie Dimon said he will leave the company within the next five years. (Tom Williams/CQ-Roll Call, Inc via / Getty Images)
of The Wall Street Journal reported JPMorgan’s board awarded Mr. Dimon a stock option bonus of 1.5 million shares in 2021, requiring him to remain CEO until 2026 to receive the award, and giving Mr. The company said it gave them an incentive to stay in their jobs.
Last May, Mr. Dimon suggested he could leave the company in about three-and-a-half years, which would suggest he would leave in late 2026.
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| J.P.M. | JPMorgan Chase & Co. | 195.66 | -9.21 | -4.50% |
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In April, JPMorgan’s board identified potential short- and long-term successors to Mr. Dimon. If Mr. Dimon needs an immediate successor, it will likely be Daniel Pinto, the bank’s president and chief operating officer. Mr. Pinto served as acting CEO in 2020 when Mr. Dimon underwent emergency heart surgery.
If Dimon ultimately steps down, Jennifer Piepsack and Troy Rohrbaugh are the top candidates. The two are co-CEOs of the company’s expanded enterprise. commercial and investment banking. Mr. Piepszak has been with the company for nearly 30 years, and Mr. Rohrbaugh has been with JPMorgan since 2005.
Other candidates identified by the board include Marianne Lake, CEO of Consumer and Community Banking; Asset and asset management.
Dimon did not specify when he plans to step down from his role. (Chris Ratcliffe/via Bloomberg/Getty Images)
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Mr. Lake and Mr. Piepszak were among the executives tasked with integrating First Republic Bank into JPMorgan when it was acquired by JPMorgan last year after the bank collapsed due to turmoil in the local banking sector. .
Mr. Eldees has been with the company for more than 25 years and has led the asset and asset management division since 2009.
JPMorgan Chase & Co.’s board of directors previewed candidates to replace Mr. Dimon as chief executive officer. (Michael M. Santiago/Getty Images)
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JPMorgan stock fell during trading Monday on news of succession plans ahead of Dimon’s eventual departure.
Shares fell about 3.65% in late afternoon trading.
Reuters contributed to this report.
