JPMorgan CEO Jamie Dimon: “Five Years From Now” Still Holds
For years, Jamie Dimon has had a stock answer whenever someone asks when he will leave JPMorgan: “Five years from now,” no matter when the question is asked.
Two years ago, Dimon said in a press release that after the bank named two co-presidents, he would remain CEO for “about another five years” if needed.
When CNBC asked about that timeline on Tuesday during a media call, Dimon did not give a firm answer.
“My answer is still the same: five years,” Dimon said. “If we ever lock down an actual retirement date, we’ll let you know.”
Why Dimon is in no rush to talk about retirement
At 63, Dimon is in no hurry to step down. He built JPMorgan into America’s largest bank after the financial crisis, and after rallying about 40% last year, the company is now one of the most valuable large lenders as well.
By the original backdrop, the bank had just come through what the article called the most profitable year in banking history.
What he said in 2018 and the board’s discretion
One reason for the bank’s 2018 statement was to ease concerns that talented deputies would leave out of frustration; that had been a criticism in the past.
Those deputies later went on to lead banks and financial institutions around the world, including Wells Fargo.
A JPMorgan spokesperson said Dimon’s retirement date is ultimately up to the board and noted that the 2018 statement was only an estimate.
Comparison: Bank of America CEO Brian Moynihan
Dimon’s rival at Bank of America, Brian Moynihan, 60, has said he wants to lead the company as long as possible, like Berkshire Hathaway’s Warren Buffett.
