Jamie Dimon, CEO of JPMorgan Chase & Co., at the UK Global Investment Summit at Hampton Court Palace in London, United Kingdom, on Monday, November 27, 2023.
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Jamie Dimon's days as CEO of JPMorgan Chase They are numbered, although it is not clear to what extent.
In response to a question Monday about the bank's succession planning, Dimon indicated that his tenure is expected to be less than five more years. This is a key change from Dimon's previous responses to succession questions, where his standard response had been that retirement was perpetually 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 lingering questions for the bank's investors and analysts. For nearly two decades, Dimon, 68, has built his lender into America's largest by assets, market capitalization and a host of other measures.
Still, Dimon added Monday that he still has “the energy I've always had” to run the expanding company.
The decision on when he will move forward will ultimately be up to JPMorgan's board, Dimon said, urging investors and analysts to examine executives who could take his place.
At the top of the short list of candidates are Marianne Lake, CEO of JPMorgan's consumer bank, and Jennifer Piepszak, who co-heads its commercial and investment bank; The executives received their last assignments in January.
“We're on our way, we're moving people,” Dimon said.
However, even when he steps down as CEO, he is likely to remain as president of the bank, JPMorgan has said.
The bank's shares fell 3.6%.
