The only answer JP Morgan's CEO Jamie Dimon had everytime he was asked about retirement was 'its five years away'. However, on Monday during the firm's investor day, Dimon told shareholders the timetable is “not five years anymore," in response to a question about how long he planned to remain CEO. The largest US bank is “well on the way" with its succession plans, he said.
As per Bloomberg, 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 report further mentioned that 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.
On Monday Dimon said, that he still has the energy that he had always had and he should leave when he can't give the fullest. However he also added, “It’s up to the board — it’s not up to me,".
On Monday, Dimon also tempered expectations from some analysts that the bank’s excess capital might support increased share buybacks.
“We’re not going to buy back a lot of stock at these prices," he said, adding that the bank will be more aggressive about repurchases when its stock price declines. The shares, which closed at a record high last week, fell after his comments and ended the day 4.5% lower. They’re still up 15% this year"
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