Jamie Dimon discusses economic risks and JPMorgan succession plans

JPMorgan Chase CEO Jamie Dimon insists on warning concerning the prospects for the US financial system within the midst of persistent uncertainty concerning the impression of charges and geopolitical headwinds.

‘I feel you are higher care [on the economic impact on the U.S.]As a result of a few of these issues have lengthy cycles. So we do not know but. Folks anticipate these items to occur instantly. However truly lots of them didn’t occur, “stated Dimon in an interview on the podcast” Workplace Yours: Enterprise Version “Wednesday morning.

Dimon warned that the financial impression of charges, shifts in immigration coverage, geopolitical challenges, in addition to the tax and expenditure modifications within the president Donald Trump’s An enormous lovely Invoice act has but to be seen.

The JPMorgan CEO warned individually in a Tuesday interview that he thinks the ‘financial system weakens’.

“Whether or not it’s on the best way to a recession or simply weaken, I do not know,” he told CNBC.

His feedback come this week after he stated earlier this summer time that financial circumstances might deteriorate rapidly, which signifies lowered enterprise and shopper confidence, together with an anticipated weakening of the labor market and inflation. Dimon stated on the time that he hoped that there would solely be a “little” lower in employment and improve in inflation.

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JPMorgan Chase CEO Jamie Dimon stated “Watch out” concerning the financial prospects for the US whereas completely different coverage shifts happen. (Chris Ratcliffe / Bloomberg by way of Getty Photos / Getty Photos)

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On this week’s podcast, Dimon stated he believes banking sector Will undergo extra consolidation, however the prospects of JPMorgan Chase who purchase banks within the US or overseas.

“We’re not allowed to purchase a financial institution in america of America. We might be overseas if we needed to, however I most likely would not do this,” Dimon stated.

The corporate is launching a digital financial institution in Germany in 2026 after establishing a presence in the UK.

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JPMorgan Chase doesn’t need to purchase a financial institution overseas, Dimon stated. (Michael Nagle / Bloomberg by way of Getty Photos / Getty pictures)

Dimon has run the most important American financial institution for greater than 19 years and has chosen to present a timeline for his remaining pension, however gave perception into his potential successor.

He stated JPMorgan Chase’s Subsequent CEO will most likely be an insider, whereas he takes the function of chairman of the board.

“It is when they’re prepared and it is time for me to go – or a mixture of each,” stated Dimon. “I’ve an important relationship with all folks right here. The board will most likely make me chairman for a couple of years.”

JPMorgan CEO reveals what the American financial system retains sturdy regardless of world challenges

Dimon refused to supply a timeline for resignation as a JPMorgan Chase CEO. (Tom Williams / CQ-Roll Name, Inc by way of Getty Photos / Getty Photos)

Final yr Dimon stated he expects he’ll go away JPMorgan Chase inside the subsequent 5 years, though he didn’t provide a selected timeline.

JPMorgan’s Board recognized in April 2024 Potential successors to Dimon On a brief and long-term base.

Daniel Pinto, the president and chief working officer of the financial institution, who will retire on the finish of 2026, was recognized as a possible CEO within the brief time period. Pinto was the appearing CEO in 2020 when Dimon underwent an emergency artwork operation.

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Jennifer Piepszak and Troy Rohrbaugh are candidates for the highest job when Dimon lastly leaves. They’re co-CEOs of the corporate’s intensive industrial and funding financial institution. Piepzak has been on the firm for nearly three many years and Rohrbaugh has been working for JPMorgan since 2005.

Different candidates recognized by the board embody Marianne Lake, CEO of Client and Neighborhood Banking, and Mary Erdoes, CEO of Asset and Wealth Administration.