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Who'll succeed Jamie?

Wednesday, July 02, 2014 - 01:21

JPMorgan CEO Jamie Dimon says he has been diagnosed with curable throat cancer, but that hasn't stopped Wall Street from guessing who might eventually replace him. Fred Katayama reports.

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JPMorgan Chase CEO Jamie Dimon says his throat cancer is curable, but Wall Street is wondering who'll eventually take over if needed. Dimon isn't tipping his hand, saying he'll remain actively involved running America's largest bank. Morgan says it has a succession plan in place. Banking research firm Keefe, Bruyette & Woods says the short list for the corner office would include Gordon Smith, the CEO of consumer and community banking - a unit that makes up nearly half of revenue; Daniel Pinto, CEO of the corporate and investment bank, and COO Matthew Zames. Another possible successor, Reuters reports, is Mary Erdoes, who runs the asset management business. Reuters Breakingviews columnist Antony Currie says none has the breadth of experience or smarts that Dimon has. 58-year-old DImon joined JPMorgan when it merged with the bank he headed, Bank One, 10 years ago. Under his stewardship, Morgan emerged from the financial crisis as the strongest bank. He was pressured to give up his chairman's role last year after the bank suffered huge losses from risky bets made in the so-called "London whale" trades. But he kept the title. JPMorgan's stock fell slightly at the start of trade. Investors may soon get more info on Dimon when the bank reports earnings on July 15.

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Who'll succeed Jamie?

Wednesday, July 02, 2014 - 01:21