JPMorgan's Dimon has no plans to retire following heart surgery
Jamie Dimon has no plans to leave his job as the top executive at JPMorgan Chase anytime soon.
The 64-year-old chairman and CEO of the country’s largest bank, who underwent emergency heart surgery in March, told shareholders Tuesday during the company’s annual meeting that he is “in good health” and “intend[s] to continue” in the roles he’s held since the mid-2000s.
“I’m … happy to be back at work,” he said.
He added that the $3.1 trillion-asset financial institution continues to review its succession plan and that every board meeting includes an overview of who is filling key leadership positions.
Exactly who will succeed Dimon, the longest-serving head of a major U.S. bank, has long been a hot topic on Wall Street and took on more urgency this spring after news of his March 5 heart surgery.
While Dimon recuperated, co-presidents Gordon Smith and Daniel Pinto jointly took over his responsibilities. Smith, who runs the consumer bank, and Pinto, who oversees the corporate and investment bank, are considered front-runners, but there are others also thought to be on the list.
Marianne Lake and Jennifer Piepszak, two of the bank’s top-ranking female executives, are viewed as possible contenders following their high-profile promotions in May of last year. Lake is now chief executive of consumer lending; Piepszak took over Lake’s former role of chief financial officer.
Two years ago, when Gordon and Pinto were named co-presidents, Dimon said he expected to lead the bank until 2023.
Like so many of its peers, JPMorgan conducted its annual meeting virtually this year in order to avoid mass gatherings during the coronavirus pandemic. Dimon said the bank “entered the crisis from a position of strength” and “has enough capital [on hand] to handle the crisis.”
The bank has no plans to request regulatory relief for itself during this period, he added.
About 180,000 of JPMorgan’s 250,000 employees continue to work remotely. It is unclear when those employees will return to the office, but when they do there will be changes, including remodeled common areas and new food-handling protocols, Dimon said.
This year shareholders submitted six separate proposals ranging from calls for an independent board chairman to climate change risk reporting to a JPMorgan report on the company’s global median gender and racial pay gap. The six proposals — all of which were opposed by the board — were rejected.