Friday, June 2, 2023

Jamie Dimon’s Recommendation to His Future Successor: ‘Give a S–t’

Throughout JPMorgan Chase’s 2023 Investor Day yesterday, Chairman and CEO Jamie Dimon was requested what he thought have been the essential traits of who would finally exchange him. Dimon, who maybe has been glued to HBO’s “Succession” like the remainder of us, appears to have had a bit of Logan Roy rub off on him and answered relatively bluntly: “I believe an important traits [are] that you simply’re trusted and revered by folks, that you simply work your a– off, that you simply give a s–t, that you recognize you do not know every thing.”

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Dimon went on to debate what he says are keys to nice management, signaling out curiosity, braveness, and grit. “That you just’re prepared to alter course, you are prepared to go in entrance of your shareholders and say, ‘We screwed up, we made a mistake, we have been flawed about that,'” he defined.

These are the sorts of attributes that we are able to all aspire to, however in Dimon’s phrases, they don’t seem to be issues that may be realized or taught. “[I]f you do not have grit, you do not have it. [If] you do not have braveness, you do not have it,” he stated.

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The New York Occasions declares that JPMorgan Chase is “dominant” proper now. It has practically 4,800 branches within the continental U.S., and the funding financial institution “often outperforms” the likes of Goldman Sachs and Morgan Stanley.

Whereas Dimon is not anticipated to step down quickly (virtually definitely not earlier than he’s scheduled to gather a $50 million payout in 2026), the Occasions gave a scouting report on who may come subsequent, selecting Marianne Lake and Jennifer Piepszak, who collectively run Chase’s client operations, because the frontrunners.

We’ll probably have to attend till 2027 to seek out out which ones offers a s–t extra.

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