The road-up for who could fill the spectacular sneakers of Jamie Dimon at JPMorgan is turning into clearer. In an announcement launched this week, the banking large introduced a reshuffle of prime executives to “position the firm for the future.”
Dimon, who’s approaching his 68th birthday, has had one of the crucial profitable tenures in modern-day banking.
In 2023 JPMorgan Chase confirmed it had raked within the highest income determine–$49.6 billion—in U.S. banking historical past. JPMorgan stays comfortably America’s largest financial institution, with $3.7 trillion in belongings as of March 2023, and $303 billion in stockholders’ fairness.
However like each boss in a significant firm, Dimon and the board at JPMorgan must have some choices lined up for who could take the reins when he steps down.
At the moment the self-professed “red-blooded, patriotic, unwoke, capitalist CEO” is midway via an settlement to stick with the monetary large till at the least 2026, although whether or not he’ll go away when that contract ends stays to be seen.
JPMorgan reshuffle
In an update printed this week, JPMorgan confirmed a reshuffle of a handful of executives to extra senior positions to “further develop the company’s most senior leaders.”
Jennifer Piepszak, co-CEO of client and neighborhood banking (CCB), and Troy Rohrbaugh, co-head of markets and securities companies, have been moved to collectively run the expanded business and funding financial institution division.
This remit will oversee international funding banking, business banking, company banking in addition to markets, securities companies and international funds.
Marianne Lake, the second co-CEO of CCB, will turn into the only real chief of the division overseeing 80 million shoppers and 6 million small companies.
Elsewhere Doug Petno, CEO of the business financial institution, will lead an expanded business banking enterprise, whereas Viswas Raghavan, co-head of world funding banking will now solely lead the staff.
Jason Sippel and Pranav Thakur will turn into co-heads of the corporate’s markets buying and selling enterprise, with Mary Erdoes remaining CEO of asset and wealth administration.
In the meantime, Marc Badrichani, co-head of markets and securities companies can be leaving the enterprise after aiding the transition course of, with JPMorgan including: “Marc is an exceptional business leader, and the company is immensely grateful for his outstanding efforts.”
Tim Fitzgerald and Takis Georgakopoulos will keep of their present positions, main securities companies and head of world funds respectively, with Mary Erdoes remaining CEO of asset and wealth administration.
Within the announcement Dimon thanked his “superb” administration staff and COO Daniel Pinto, including: “Daniel and his team have built the finest corporate and investment bank in the world, and now we can increasingly take advantage of his extraordinary capabilities across the firm as we continue to jointly manage the company, with his focus on the execution of our lines-of-business priorities.”
JPMorgan Chase didn’t instantly reply to Fortune’s request for additional remark.
Who will exchange Dimon as CEO?
The frontrunners to exchange Dimon are broadly reported to be Piepszak and Lake, although sources told Bloomberg in December the pair must widen their remit earlier than being able to run the entire firm.
The January rejig could definitely be a transfer to reply a few of these questions, although the query of when a successor may be named nonetheless looms massive.
Whereas Bob Iger has earned criticism for his apparent resistance to leave the nook workplace at Disney—a declare he categorically denies—Dimon’s retirement from the CEO place has turn into one thing of an in-joke.
It could be no shock that the board—which paid him a record salary of $36 million in 2023—is in no rush to see him go.
Asserting Dimon’s wage package deal in an SEC submitting earlier this yr, the board wrote: “The annual compensation for 2023 reflects Mr. Dimon’s stewardship of the firm, with growth across all of its market-leading lines of business, record financial results and a fortress balance sheet.”
Dimon additionally appears in no rush to rush off, lengthy responding “five more years” if requested when he could transfer on.
Certainly, throughout the financial institution’s investor relations day in Might, Dimon stated: “I’m not going to alter, I’m not going to play golf, I really like my nation, my firm, my household.
“I can’t do this forever, I know that, but my intensity is the same. When I don’t have this kind of intensity, I should leave.”
