JPM: JPMorgan Stock Slides 4.5% After Jamie Dimon Says Succession Draws Near

“The timetable is not five years anymore,” the bank boss said, breaking away from his go-to line that he’ll stay “for five more years.”

• JPMorgan stock JPM cratered 4.5% after one of Wall Street’s most beloved and revered CEOs said his retirement was fast-approaching. Jamie Dimon, the formidable chief executive of JPMorgan, told shareholders gathered for the bank’s investor day that the timetable for his succession “is not five years anymore.” For years, he’s always had the same answer that he’ll be around “for five more years.”
• The eventual successor was “well on the way,” Dimon said. The thought of appointing a new boss to head the biggest bank in the US was so alien to investors, it dragged the entire Dow Jones index underwater for the day. The 30-stock benchmark lost 0.5%, or roughly 200 points, right after it peaked to a fresh record high above 40,000 points. Its two peers — the S&P 500 and the Nasdaq — finished the session in green.
• Who’ll take Dimon’s seat is up to JPMorgan’s board of directors. “Тhere are actually some really great potential CEOs here,” the 68-year old chief said. Jamie Dimon has been one of the longest-serving bank bosses in history, boasting an 18-year term as JPMorgan CEO. “I have the energy that I’ve always had. That’s important. I think when I can’t put the jersey on and give it the fullest thing, I should leave, basically,” he said. “Will I stay as chairman for a while? We’ll see.”