Jamie Dimon, chief executive officer of JPMorgan Chase & Co., at the UK Global Investment Summit at Hampton Court Palace in London, UK, on Monday, Nov. 27, 2023.
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Jamie Dimon’s days as CEO of JPMorgan Chase are numbered — though its unclear by how much.
In a response to a question Monday about the bank’s succession planning, Dimon indicated that his expected tenure is less than five more years. That’s a key change from Dimon’s previous responses to succession questions, in which his standard answer had been that retirement was perpetually five years away.
“The timetable isn’t five years, anymore,” Dimon said at the New York-based bank’s annual investor meeting.
The ambiguity of Dimon’s plans has made succession timing at JPMorgan one of the persistent questions for the bank’s investors and analysts. Over nearly two decades, Dimon, 68, has made his lender the largest in America by assets, market capitalization and a number of other measures.
Still, Dimon added Monday that he still has “the energy that I’ve always had” in managing the sprawling company.
The decision of when he moves on will ultimately be up to JPMorgan’s board, Dimon said, and he exhorted investors and analysts to examine the executives who could take his place. Atop the short list of candidates is Marianne Lake, CEO of JPMorgan’s consumer bank, and Jennifer Piepszak, who co-leads its commercial and investment bank; the executives were given their latest assignments in January.
“We’re on the way, we’re moving people around,” Dimon said.
Even when he steps down as CEO, however, it’s likely he will stay on as the bank’s chairman, JPMorgan has said.
Shares of the bank dropped 3.6%.
