Jamie Dimon, Chairman and CEO of JPMorgan Chase, will testify during a Senate Banking Committee hearing at the Hart Senate Office Building on December 06, 2023 in Washington, DC.
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Jamie Dimon's days as CEO C. B. Morgan Chase Numbered – although it is unclear how many.
In response to a question on Monday about succession planning at the bank, Dimon indicated that his expected term is less than another five years. This is a major change from Damon's previous responses to succession questions, where his usual answer was that retirement would always be five years away.
“The timeline 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 investors and analysts at the bank. Over nearly two decades, Dimon, 68, has made his bank the largest in America by assets, market capitalization and many other measures.
However, Dimon added on Monday that he still has “the energy I've always had” running the sprawling company.
Dimon said the decision on when he would move would ultimately be up to JPMorgan's board, and he urged investors and analysts to examine which executives could replace him.
At the top of the shortlist of candidates are Marian Lake, CEO of JPMorgan's consumer bank, and Jennifer Piepszak, who co-leads the commercial and investment bank. The executives were given their latest assignments in January.
“We're on the road, moving people from one place to another,” Damon said.
JP Morgan said that even when he steps down as CEO, he will likely remain as chairman of the bank's board.
