Jamie Dimon – chief executive officer of JPMorgan Chase- told shareholders that the timetable of his retirement is “not five years anymore” when asked about how long he planned to remain at the top job. The largest US bank is “well on the way” with its succession plans, he said.
Jamie Dimon has held the top job at the firm since 2006 and earlier this year, the 68-year-old CEO moved some faces into new senior roles as he prepares potential successors, it was reported. Jenn Piepszak and Troy Rohrbaugh were pushed to expanded commercial and investment bank while Marianne Lake got sole control of the segment.
Jamie Dimon said, “It’s up to the board — it’s not up to me. 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 my fullest, I should leave, basically.”
On the bank’s plans, he said, “We’re not going to buy back a lot of stock at these prices” saying that JPMorgan will be more aggressive about repurchases when its stock price declines. The bank also raised its forecast for this year’s net interest income to $91 billion after last month predicting a $90 billion haul after JPMorgan posted $23.1 billion of NII in the first quarter, breaking a streak of seven quarters of a record for the metric.
The bank also said that two-thirds of consumers would likely have to pay a monthly service fee for their checking accounts which doesn’t reflect its current plans for dealing with the rules.
Consumer and community bank CEO Lake said, “These rules have not been adequately studied, and the people who will end up being impacted the most will be everyday Americans, in particular those who can least afford it.”
