JPMorgan boss Jamie Dimon stated Sunday he would “likely” take over as chairman of the Wall Road large when he ultimately steps down as CEO.
“That’s likely to happen. Again, that is up to the board, not up to me. But if it makes sense, I may be chairing for a couple of years,” the 68-year-old Dimon stated throughout an interview with Lesley Stahl on “CBS News Sunday Morning.”
The Queens native, who has led the financial institution since 2006, downplayed discuss of any potential political ambitions when pressed by Stahl about his retirement plans, insisting he deliberate to jot down a ebook or train.
Dimon additionally appeared to throw his weight behind Trump’s menace to make use of tariffs to place strain on nations to resolve spats with the US.
“Tariffs are a way, are a tool — if properly used — that can help get some of those issues resolved — unfair competition, national security issues. Like any tool if it is misused, it can do damage too,” Dimon advised Stahl.
He added that he was “cautiously pessimistic” about the way forward for the US economic system regardless of decrease inflation and bettering job numbers.
His feedback come forward of JPMorgan’s full-year outcomes, which will likely be launched Wednesday, amid an ongoing rebound in deal-making and profitable funding banking charges.
Dimon’s future has been the topic of livid hypothesis. Experiences surfaced in the course of the election cycle that Dimon was eyeing a job in a possible Kamala Harris administration — earlier than he dominated himself out.
Donald Trump floated his identify as a potential Treasury Secretary decide in an interview with Bloomberg in June, solely to disavow his personal phrases simply weeks later.
In November, The Put up solely reported that the president-elect and Dimon had established a secret “back channel” through which Trump used the banking veteran as a “sounding board” for his financial insurance policies.
Dimon repeatedly held calls with a close-knit group of Trump’s internal circle to debate every part from banking regulation to taxes however formally dominated out becoming a member of his administration in October, The Put up reported.
The race to exchange the Wall Road titan has lengthy been a topic of discussions amongst New York’s monetary elite. Dimon has not given a timetable for when he would step apart.
These reportedly being thought of to ultimately change Dimon embody Mary Erdoes, the top of JPMorgan’s asset wealth administration division, Jennifer Piepszak, who’s co-CEO of the corporate’s funding financial institution division, in addition to her counterpart Troy Rohrbaugh.
The Put up revealed in July how Erdoes, 57, represented the financial institution at a swanky VIP lunch with French President Emmanuel Macron on the Elysee, his official residence, this previous summer time.
Dimon, who pulled down a wage of $34.5 million in 2023, turned on the Biden administration in current months, lashing out at what he sees as ill-conceived guidelines which can be hobbling JP Morgan’s enterprise.
“It’s time to fight back,” Dimon advised shocked bankers at a convention in New York this previous October. “I’ve had it with this s–t.”
He singled out a blueprint geared toward serving to banks take in main financial shocks by forcing them to carry extra capital on their stability sheets to climate any monetary storms.
The proposal, often known as Basel III, would see main lenders increase that emergency buffer by 9%.
“We are suing our regulators over and over and over because things are becoming unfair and unjust, and they are hurting companies, a lot of these rules are hurting lower-paid individuals,” he stated on the time.
