JPMorgan Chase CEO Jamie Dimon described the ideal candidate to succeed him as CEO of JPMorgan Chase — and he said it’s about “grit” and “soul,” not just minting money.
The legendary, 70-year-old banker — who last month shocked Wall Street with news that his would-be successor Marianne Lake was leaving the financial giant — ticked off a decidedly lengthy list of attributes for the candidate who becomes the bank’s next boss on Tuesday.
“You want to be good at management, you want to be good at people, you want to be analytical, you want to be detailed,” Dimon told analysts on a call after JPMorgan released its blowout second-quarter earnings.
“You want to be a culture carrier. You want to be curious. You want to have heart. You want to have grit. You want to have soul. You want to have work ethic,” he continued. “You want to be able to travel. You want to be able to walk in operating centers and deal with CEOs and prime ministers. It’s all of that.”
Dimon, who has steered the Wall Street giant for more than two decades, also reaffirmed his plan to retain the chief executive title for a “few years” longer. Last month, he threw his weight behind newly appointed co-presidents Troy Rohrbaugh and Doug Petno following Lake’s abrupt exit.
Dimon expressed absolute confidence in the two men on Tuesday.
“We have two exceptional co-presidents,” Dimon told analysts. “I’m wholly confident that if I was hit by a truck, which is not my preference, we would be fine.”
That’s after Lake spent years cultivating a resume that many industry observers believed primed her for the top job. Most recently JPMorgan Chase’s consumer banking chief, she also reportedly walked away from $50 million in unvested stock.
JPMorgan’s board has now tasked Rohrbaugh and Petno with overseeing the vast majority of the bank’s revenue-generating operations.
Rohrbaugh brings a focus on global markets to the executive suite. Having previously led the bank’s sprawling trading division, he generated massive revenue windfalls during periods of extreme economic volatility and geopolitical unrest.
Wall Street insiders view his elevation as an acknowledgment of the outsized role trading and risk management play in fortifying the bank’s balance sheet.
Petno provides a complementary skill set rooted in corporate relationships. A JPMorgan veteran of more than three decades, Petno spent years commanding the commercial banking sector.
He cultivated deep ties with mid-sized and large corporations, driving steady, reliable loan growth that balanced the high-stakes, rapid-fire swings of the trading floor.
Over Dimon’s tenure, a long list of highly regarded Wall Street executives departed JPMorgan for top jobs elsewhere after realizing the boss was not stepping down anytime soon.
Dimon remains the longest-serving chief executive among major US banks. Investors and analysts treat his shareholder letters and earnings calls as barometers for the global economy.
Dimon also transformed JPMorgan into an undisputed financial behemoth, steering the firm through the 2008 financial crisis, the pandemic recession, and recent regional banking turmoil.
Under his watch, the bank swelled to hold more than $4 trillion in assets.
“The eventual retirement of CEO Jamie Dimon could introduce uncertainty around strategic continuity and execution.” Jefferies analyst David Chiaverini warned in a note to clients on Tuesday morning.
