JP Morgan CEO Jamie Dimon’s retirement is getting closer – and the succession plan is anyone’s guess
NY Post
One of the biggest questions involving JP Morgan, the nation’s biggest and most prestigious bank, involves succession planning: When will its long time CEO, the king of all banking, Jamie Dimon, step down.
Last week, he gave some clues. It’s “not five years anymore,” he said during JP Morgan’s investor day without elaborating.
Thanks for that, Jamie. Good thing The Post is here to suss out what is going on inside the C-suit at JPM, and we can report, with a fair degree of confidence, that Dimon is signaling he’s out in about two, maybe three years, after he turns 70 years old.
What he does next is, well, anyone’s guess.
Even the very hint of a Dimon retirement from JPM caused markets to react. Shares tanked about 4%, and still haven’t fully recovered as this column goes to press. One reason is Dimon’s stature in banking earned by his success rate. Despite a few blips on the regulatory radar — the London Whale, JPM’s continued business dealings with miscreants like Bernie Madoff and Jeffrey Epstein — Dimon has been among the most successful investment executives of our generation. Unlike other big banks, there have been no big scandals, at least not lately, and shares are up 89% over the past five years.
“He works every day, seven days a week. He’s in all the major meetings, he’s managing risk and selling stuff,” is how one JPM executive explained Dimon’s work ethic. “He has no hobbies and he loves his job. Can’t imagine what he will do in retirement.”