Jamie Dimon says succession at JPMorgan is ‘well on the way’

livemint.com:

JPMorgan Chase & Co. told shareholders the timetable is “not five years anymore," in response to a question about how long he planned to remain CEO. The largest US bank is “well on the way" with its succession plans, he said during the firm’s investor day.

The question of who might steward the firm after Dimon — who has held the top job since 2006 — has loomed over the industry. Earlier this year — about halfway through Dimon’s five-year retention package — the 68-year-old CEO moved some of his top lieutenants into new senior roles, positioning them for more experience running the firm’s operations as he prepares potential successors. The shuffle placed Jenn Piepszak and Troy Rohrbaugh atop an expanded commercial and investment bank while Marianne Lake, who had co-led the consumer and community bank alongside Piepszak since 2021, got sole control of the segment, overseeing more of its business lines.

“It’s up to the board — it’s not up to me," Dimon said on Monday. “I have the energy that I’ve always had. That’s important.

I think when I can’t put the jersey on and give it my fullest, I should leave, basically." Reviewing the days’ presentations from the leaders of JPMorgan’s various business lines, Dimon tempered expectations from some analysts that the bank’s excess capital might support increased share buybacks. “We’re not going to buy back a lot of stock at these prices," he said, adding that the bank will be more aggressive about repurchases when its stock price declines. The shares, which closed at a record high last week, fell after his comments and ended the day 4.5% lower.