NEW YORK, May 20 (Reuters) – JPMorgan Chase (JPM.N), opens new tab CEO Jamie Dimon told investors the bank’s succession plans were underway, while warning investors on Monday about risks to the economic outlook.
The Wall Street firm’s shares closed almost 4% lower after Dimon told a New York gathering of investors that the bank will practice restraint on share repurchases and that he no longer sees a five-year timeline on succession.
Dimon, 68, has helmed the bank for more than 18 years, outlasting many other industry chiefs. In previous years, he had answered questions about succession by saying he would stay five more years.
On Monday, he cited a roster of senior JPMorgan executives with a deep knowledge of its major businesses who could take over.
“We’re on the way, we’re moving people around,” Dimon said. “The timetable is not five years anymore.”
JPMorgan’s board recently identified Jennifer Piepszak and Troy Rohrbaugh, co-CEOs of its commercial and investment bank, as candidates for the top job. Marianne Lake, CEO of consumer and community banking, and Mary Erdoes, CEO of asset and wealth management, are also in the running.
Source: REUTER
