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 at all times 5 years sooner or later, regardless of when the query was requested.
However two years in the past, Dimon mentioned 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 might 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 mentioned. “When and if we ever set an precise retirement date, we’ll let .”
It is comprehensible that Dimon, 63, would not wish to take into consideration stepping down proper now. He constructed J.P. Morgan into the most important U.S. financial institution after the monetary disaster, the business’s 800-pound gorilla throughout Predominant 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…