The CEO of the largest bank in America may be retiring within the next few years. Answering a question about succession planning at JPMorgan Chase (JPM)’s annual investor day today (May 20) in New York, the bank’s CEO and chairman Jamie Dimon said his retirement “timetable isn’t five years anymore,” backtracking from his standard answer to previous such questions that his retirement was perpetually five years away.
Dimon, 68, has been at the helm of JPMorgan for 18 years. While indicating he might retire sooner than previously expected, Dimon said today that he still has “the energy that I’ve always had” in managing the bank, the largest of its kind in the U.S. by both assets and market cap. But he acknowledged that that bank is “on the way” of preparing for the next generation of leadership. “We’re moving people around,” Dimon said.
Still, Dimon’s comments spurred discussions about who would fill his shoes when he was gone. Promising successors include two women: Marianne Lake, CEO of JPMorgan’s consumer banking business, and Jennifer Piepszak, co-CEO of JPMorgan’s commercial and investment banking business. Both executives were newly promoted to their roles in January.
Dimon said today the decision of when he steps down will ultimately be up to JPMorgan’s board, which is currently chaired by himself. JPMorgan has said Dimon could stay on as chairman even when he retires as CEO.
Dimon is widely regarded as one of the most influential and respected leaders in the banking industry. Under his leadership, JPMorgan has pulled through the 2008 financial crisis and consistently delivered strong financial performance. Dimon is known for his candid and straightforward communication style, often speaking out on economic and political issues.