JP Morgan's Dimon Signals Looming Departure – Media 

Editorial Staff 22 May 2024

JP Morgan's Dimon Signals Looming Departure – Media 

The CEO – holding the spot since 2006 – has talked about his own final stages of a career that has seen him at the helm during turbulent times.     

JP Morgan chief executive, Jamie Dimon, has reportedly hinted at how his retirement from the C-suite role is less than five years away, while he also voiced concerns over how regulation is hampering the banking sector.

Dimon told shareholders in an investor presentation (sources: Bloomberg, 20 May, other) that his retirement date 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.

One of the more recognisable and outspoken CEOs in an industry that has been through the traumas of 2008 and subsequent episodes, Dimon, 68, is about mid-way through his five-year retention package. He has been CEO of the US banking group since 2006.

“It’s up to the board – it’s not up to me,” Dimon said on Monday this week. “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,” he is quoted as having said. 

Dimon also reportedly cooled analysts’ expectations that the bank’s excess capital might support increased share buybacks.

The lender also gave details about the potential effect of proposals to hike capital requirements for big banks. US Federal Reserve officials have indicated that the proposals, known as Basel III Endgame, will be pared back. Attention has focused on this issue since the banks' troubles of last March and April, with the collapse of Silicon Valley Bank, First Republic, and the shotgun marriage union of UBS and Credit Suisse. JP Morgan bought First Republic last year.

Dimon said tighter bank controls will hurt poorer consumers, pushing some outside the banking system. Regulation is “damaging America at this point,” he is quoted as saying.

Earlier this week, the bank earlier said that two-thirds of consumers would likely have to pay a monthly service fee for their cheque accounts if the proposals are implemented.    

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