Saturday, January 25

For Jamie Dimon, retirement from JP Morgan is all the time 5 years away

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Jamie Dimon, CEO of JP Morgan Chase, talking on the 2019 WEF in Davos, Switzerland on Jan. 23rd, 2019.

Adam Galica | CNBC

For years, Jamie Dimon had a operating joke: Ask him when he was going to step down from J.P. Morgan Chase, and the reply was all the time 5 years sooner or later, irrespective of when the query was requested.

However two years in the past, Dimon stated in a press release that he would proceed as CEO “for roughly 5 extra years” because the financial institution appointed a pair of co-presidents who may step in for him if wanted.

Quick ahead to now: Dimon appeared uncommitted to that timing when CNBC requested him about it in a Tuesday media name.

“My assertion stays the identical, it is 5 years,” Dimon stated. “When and if we ever set an precise retirement date, we’ll let you understand.”

It is comprehensible that Dimon, 63, would not wish to take into consideration stepping down proper now. He constructed J.P. Morgan into the largest U.S. financial institution after the monetary disaster, the business’s 800-pound gorilla throughout Important Road and Wall Road. The corporate is recent off the most profitable year of any financial institution in historical past, and J.P. Morgan is presently among the many most richly valued of the massive lenders after surging about 40% final 12 months.

However one motive the financial institution made that January 2018 assertion was to allay fears that proficient deputies would go away in frustration, a critique given previously. Dimon’s deputies have gone on to lead banks and monetary companies around the globe, most not too long ago at Wells Fargo.

A spokesman for J.P. Morgan stated that the financial institution’s board has the final word say on when Dimon retires and famous that the 2018 assertion was an approximation.

Dimon’s rival at Bank of America, Brian Moynihan, has stated he needs to steer his agency for so long as doable, pointing to 89-year-old Warren Buffett at Berkshire Hathaway.

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