Jamie Dimon, chairman and CEO of JPMorgan Chase, testifies at a Senate Banking Committee hearing at the Hart Senate Office Building on December 6, 2023 in Washington, DC.
Vin McNamee | Getty Images
Jamie Dimon’s days as CEO JP Morgan Chase numbered – although it is unclear how many.
In response to a question Monday about succession planning at the bank, Dimon indicated his expected tenure was less than five years. This is a key change from Dimon’s previous answers to questions about succession, in which his standard answer was that retirement was always five years away.
“The timetable is not five years old,” Dimon said at the New York bank’s annual investor meeting.
The ambiguity of Dimon’s plans has made the timing of the change of power at JPMorgan one of the constant questions for investors and analysts at the bank. Over nearly two decades, Dimon, 68, has made his lender the largest in America by assets, market capitalization and a number of other metrics.
However, Dimon added Monday that he still has “the same energy that I’ve always had” in running the sprawling company.
The decision on when he steps down will ultimately be made by JPMorgan’s board of directors, Dimon said, and he urged investors and analysts to study the executives who could take his place.
Tops the shortlist of candidates Marianna LakeCEO of JPMorgan consumer bank and Jennifer Pipsak, who is co-head of the commercial and investment bank. The last instructions to the managers were given in January.
“We’re on our way, we’re moving people,” Dimon said.
However, even when he steps down as CEO, it is likely that he will remain as the bank’s chairman, JPMorgan said.