Wall Street titan Jamie Dimon eyes stepping away from JP Morgan
Jamie Dimon, arguably the single most significant figure in global finance, gave his clearest indication yet that he is thinking about stepping down from JP Morgan.
Dimon has previously brushed off questions about the remaining length of his tenure by saying he would stay five more years, every year.
However yesterday he told a New York gathering that “we’re on the way, we’re moving people around,” Dimon said.
“The timetable is not five years anymore.”
He has been at the top of the shop for 18 years.
Some have speculated that Dimon, never shy of an opinion on geopolitics, could be considering a run at political office.
“I love my country, and maybe one day I’ll serve my country in one capacity or another,” Dimon said in an interview with Bloomberg TV last week, when asked if he would consider a run.
Hedgie Bill Ackman said Dimon would make an excellent leader.
Succession candidates
Succession candidates include Jennifer Piepszak and Troy Rohrbaugh, co-CEOs of the commercial and investment bank at JP Morgan.
Brit Marianne Lake, CEO of consumer and community banking, and Mary Erdoes, CEO of asset and wealth management, are also believed to have a shot at the top job.
JP Morgan reported another set of healthy results, with net interest income – the difference between loans and deposits – expected to now hit $91bn (£72bn) this year.
It does matter that you understand the forces and dynamics that are happening in China
Jamie Dimon on China, where he will be later this week
Dimon said he was “cautiously pessimistic” about the geopolitical and economic situation, and pointed to persistent inflation as a further worry.
Shares slipped a little, which analysts pegged to Dimon’s announcement and a lack of further buyback momentum.
“We attribute today’s weakness (in shares) to a lack of interest to buy back stock at current prices and a shorter CEO transition timeline,” David George, an analyst at Robert W. Baird, wrote in a note.