Jamie Dimon, one of Wall Street’s most influential figures and the longstanding leader of JPMorgan Chase, surprised the finance world in 2024 when he announced plans to step down as the bank’s CEO within five years. That timeline remains unchanged, Dimon confirmed today (May 19) during JPMorgan’s investor day event in New York.
“The intent is the same as last year,” Dimon said when asked about succession plans. “Nothing has changed at all.”
After years of sidestepping retirement questions, Dimon acknowledged last year that JPMorgan was “on the way” to preparing for a leadership transition expected before the end of the decade. He reiterated that message today, emphasizing the strength of the company’s leadership pipeline. The bank has “built a very deep bench” of executives, he said, and it’s “prudent to be thinking about succession.”
Preserving JPMorgan’s internal culture and discipline will be a key focus as the company prepares for new leadership. “To me, the most important thing when it gets handed over is you have real teams, real cultures and hopefully they keep on building it,” said Dimon. “If you look at the best companies in the world, that’s what they had. They continue going forward regardless of who the CEO was.”
Replacing Dimon, who turns 70 next year, will be a formidable challenge. Since becoming CEO in 2006, he has guided JPMorgan through crises like the 2008 Financial Crisis and has become one of the most respected voices in global finance. Under his leadership, the bank has grown into the largest in the U.S. by both assets and market capitalization.
Who might succeed Dimon?
Dimon has declined to name potential successors, but several top executives are reportedly in the running. Marianne Lake, CEO of JPMorgan’s consumer and community banking division, is seen as a leading candidate. Other names in circulation include Doug Petno and Troy Rohrbaugh, the co-CEOs of the bank’s commercial and investment banking arm.
Jennifer Piepszak, formerly a key figure in the commercial and investment bank, was once viewed as a front-runner in the succession race. However, she removed herself from consideration earlier this year by stepping into the role of chief operating officer. “Piepszak has made clear her preference for a senior operating role, working closely with Jamie and in support of the top leadership,” the bank said in a statement, adding that she does not currently “want to be considered for the CEO position.”
