Thursday, July 18, 2024

JP Morgan CEO Jamie Dimon has no plans to step down



Jamie Dimon, whose Morgan Stanley counterpart just announced he will be leaving in the next 12 months, said he is still bullish and has no plans to leave anytime soon.

“I can’t do this forever, I know,” the chief executive officer of JPMorgan Chase & Co. said at the firm’s investor day on Monday. “My intensity is the same. I feel like I should quit when I don’t have that intensity.

Dimon, 67, said whenever the board decides on his successor, that person should have the courage to admit mistakes but move on quickly. The CEO has quipped for years that he plans to stay at the largest US bank for the next five years, regardless of when he is asked.

Asked Monday by Wells Fargo & Company analyst Mike Mayo how many more years he plans to be CEO, Dimon joked: “Three and a half.”

Morgan Stanley’s James Gorman, 64, said Friday that he plans to step down as CEO within the next year and take on the role of executive chairman.