JPMorgan Chase CEO Jamie Dimon, 68, hints he’ll retire sooner than expected
JPMorgan Chase CEO Jamie Dimon hinted that he could step down as head of the nation’s largest lender sooner than was widely anticipated.
The 68-year-old Wall Street titan told analysts at JPMorgan Chase’s “investor day” gathering of shareholders on Monday that “the timetable [for his retirement] isn’t five years anymore.”
He did not elaborate further on when he might step down, although he said succession plans at JPMorgan Chase are “well on the way” and “It’s up to the board — it’s not up to me.”
“I still have the energy I’ve always had,” Dimon said. “I think when I can’t put on the jersey or any given full thing, I should leave.”
Dimon said his successor will be an executive inside the bank, with several of his key lieutenants having switched roles in recent years to broaden their management experience.
Contenders for the top job include Jennifer Piepszak and Troy Rohrbaugh, recently appointed co-CEOs of JPMorgan’s expanded commercial and investment bank; Marianne Lake, CEO of consumer and community banking; and Mary Erdoes, CEO of asset and wealth management.
The Post has sought comment from JPMorgan Chase.
Dimon has run JPMorgan Chase for more than 18 years, and his next steps have been the subject of speculation for years.
In 2021, Dimon was awarded a special bonus that gave him incentive to stay on as CEO until 2026.
Dimon, whose wealth is valued by Forbes at $2.2 billion as of Monday, would be eligible for the one-time deferred bonus of $52.62 million if he remained at the helm of the bank for another 18 months.
In May of last year, Dimon said he could depart within three-and-a-half years.
Last month, JPMorgan Chase’s board of directors said it was a top priority for the bank to “plan for an orderly CEO transition in the medium term.”
According to the bank, the board “is spending significant time on developing Operating Committee members who are well-known to shareholders as strong potential CEO candidates.”
The board’s proxy statement made mention of several potential successors to Dimon, including Piepszak, Rohrbaugh, Erdoes and Pinto.
Pinto was singled out by the board as someone who “is immediately ready to fulfill the responsibilities” of the CEO “should the need arise in the near-term.”
Last year, Dimon earned $35.1 million in total compensation — up from $34.85 million in 2022.
He would be entitled to keep the bonus and leave earlier — on condition that it be for either an elected or un-elected government job.
Dimon, who in years past has been rumored to be a candidate for the Treasury secretary position, last month told a journalist that “I want to help my country.”
“I want the next president, whoever it is, to put the other party [members] in their Cabinet. That is what I would like to see. I would like to see practitioners go back to the government.”
In December, the news site Axios reported that former President Donald Trump would consider appointing Dimon to the treasury secretary post if he won the election this fall.
Dimon, who has traditionally supported Democrats, has urged Democratic supporters to be more understanding of Trump voters.
He has also praised Trump as “kind of right” on issues such as immigration and NATO.
The comments by Dimon, who once ridiculed Trump, are said to have angered officials in the Biden administration.
With Post Wires
