JPMorgan CEO Jamie Dimon just got a big new incentive to stay on for 5 more years. Here’s everything you need to know.

Jamie Dimon has been CEO of JPMorgan since 2005.

JPMorgan, headed up by CEO Jamie Dimon since 2005, is the biggest US bank by assets.
The bank has granted Dimon a big stock award, and he has to stay around five years to collect it.
Earlier this year JPM revealed a leadership shakeup that hinted at CEO successors.

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JPMorgan is the biggest US bank by assets and a bellwether for the global financial system. So when the firm’s senior-most leaders talk, Wall Street pays attention.

The bank has been headed by CEO Jamie Dimon since 2005, and he’s the longest-running big bank chief on Wall Street. Dimon, who turned 65 in March, had a health scare in the summer of 2020. But it’s long been something of a running joke to bank watchers that, whenever pressed on retirement plans, Dimon will often respond by saying five more years.

The bank this week granted Dimon a big stock award that pays off at the firm’s shares rise, and he has to stay around five more years to collect it. Dimon’s long-term stewardship, management-succession planning, and JPMorgan’s strong performance since 2005 were some of the factors considered in granting the award, the bank said in a filing.

Dimon’s eventual retirement as CEO of JPMorgan still has more questions than answers. But a leadership shakeup gave new clues about the top internal candidates when he does eventually hand over the reins.

The bank on May 18 promoted two women to co-lead the firm’s massive consumer and community banking business: consumer-lending chief Marianne Lake and chief financial officer Jennifer Piepszak. The pair will take over running the division from Gordon Smith, who’s retiring this year from his roles as co-president and co-chief operating officer of the firm and CEO of CCB. Smith had also been rumored to be in the running for the top job before announcing his retirement.

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Read more:

JPMorgan CEO Jamie Dimon says he intends to stay in his role for a ‘significant amount of time’ despite a recent leadership shake up hinting at his succession plan
JPMorgan just named 2 new co-heads of consumer banking, and the leadership shakeup gives clues to who will eventually take over from CEO Jamie Dimon

Here’s what else has been going on inside JPMorgan:
Wealth-management plans

David Moss joined JPMorgan in June.

Private banking and wealth management are a key part of JPMorgan’s future.

JPMorgan is planning to significantly expand its financial advisor force, bringing the firm closer in size and scope to its rival firms in wealth management. Over the next five to six years, the bank is considering hiring as many as 4,000 advisors to roughly double its current base, US Wealth Management Chief Executive Officer Kristin Lemkau told Insider this fall.

And in the past year, the bank has hired about 100 advisors for its private-bank division, which oversees more than $836 billion in client assets and caters to …read more

Source:: Business Insider

      

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