He is Wall Street’s most celebrated boss. But should the CEO of JPMorgan Chase be thinking about stepping down?
took the reins at JPMorgan Chase in 2005 he had, at the relatively tender age of 49, already earned himself a reputation. In the 1990s he was the wunderkind sidekick to the imperial Sandy Weill, then boss of Citigroup, the world’s pre-eminent bank. Still, while some peers described Mr Dimon as brilliant, charismatic, caring and dedicated, others complained he was abrasive, foul-mouthed and unpredictable. Plenty doubted he was well suited to such a large stage.
However, another big question has remained unanswered: when Mr Dimon should leave and who will run the bank after he is gone. It has been cast in sharp relief by the recent news that Mr Dimon has undergone emergency surgery for an “aortic dissection”, a rare heart condition. The bank says he is recovering well. But investors, the board, staff and regulators have had a reminder that one day JPMorgan will have to have a different leader.
So how to make a decision? Two tests matter. The first is that Mr Dimon is not blocking the path of an entire generation of successors who might end up leaving or becoming disillusioned. Inevitably, one cohort has already departed. A JPMorgan diaspora now run financial firms all over the world, including Wells Fargo, Barclays and Standard Chartered. It would be a mistake to let another generation go, too. Mr Dimon has two co-presidents directly beneath him who are both aged about 60.
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