Jamie Dimon Says Succession at JPMorgan Is 'Well on the Way'
What You Need to Know
Earlier this year, Dimon moved some of his top lieutenants into new senior roles.
The shuffle placed Jenn Piepszak and Troy Rohrbaugh atop an expanded commercial and investment bank.
Marianne Lake, who had co-led the consumer and community bank alongside Piepszak since 2021, got sole control of the segment.
Jamie Dimon has long joked that his retirement is five years away, no matter when he’s asked. But not on Monday.
The chief executive officer of JPMorgan Chase & Co. told shareholders the timetable is “not five years anymore,” in response to a question about how long he planned to remain CEO.
The largest U.S. bank is “well on the way” with its succession plans, he said during the firm’s investor day.
The question of who might steward the firm after Dimon — who has held the top job since 2006 — has loomed over the industry.
Earlier this year — about halfway through Dimon’s five-year retention package — the 68-year-old CEO moved some of his top lieutenants into new senior roles, positioning them for more experience running the firm’s operations as he prepares potential successors.
The shuffle placed Jenn Piepszak and Troy Rohrbaugh atop an expanded commercial and investment bank while Marianne Lake, who had co-led the consumer and community bank alongside Piepszak since 2021, got sole control of the segment, overseeing more of its business lines.
“It’s up to the board — it’s not up to me,” Dimon said on Monday. “I have the energy that I’ve always had. That’s important. I think when I can’t put the jersey on and give it my fullest, I should leave, basically.”
Guidance Boost
Earlier, the bank raised its forecast for this year’s net interest income to $91 billion after last month predicting a $90 billion haul, on less than expected interest rate cuts by the Federal Reserve.
Fewer customers are also shifting money to higher-yielding accounts than anticipated, according to the bank. In the first quarter, JPMorgan had posted $23.1 billion of NII, breaking a streak of seven quarters of a record for the metric.
JPMorgan also offered details of potential fallout from a proposed plan to increase capital requirements for big banks. Fed officials have indicated that the proposals, known as Basel III Endgame, will be pared back. Bloomberg reported that agencies are working on a new version that could be finalized as soon as August.
Even with the potential for stricter capital requirements, JPMorgan expects to deliver a 17% return on tangible common equity over the medium term, it said in its presentation earlier.
