Jamie Dimon says the end to his time as JPMorgan CEO is ‘not 5 years anymore’

Jamie Dimon says the end to his time as JPMorgan CEO is ‘not 5 years anymore’

Jamie Dimon had some new things to say Monday about his own future plans, clarifying that the CEO of JPMorgan Chase (JPM) now contemplates the day when he will no longer lead the largest American bank.

His timeline “is no longer five years,” Dimon said during a speech at his bank’s annual investor day in New York.

The comments are the latest time Dimon, 68, has acknowledged that he sees the end of his CEO role in sight. In the past, when asked about the subject, his default response was to say he would stay in office for another five years.

Jamie Dimon says the end to his time as JPMorgan CEO is ‘not 5 years anymore’

Jamie Dimon, CEO of JPMorgan Chase. (Aaron Schwartz/Xinhua via Getty Images) (Xinhua News Agency via Getty Images)

“I have the energy I always had,” he added. “When I can’t put on the jersey and give it my all, I should leave, basically.”

The stock fell more than 4.5% on the day.

His comments came during a wide-ranging question and answer session with analysts who asked him about succession, how the bank plans to deploy all its excess capital, how pessimistic he is about the state of inflation and the potential that AI represents for his business. bank.

Dimon says there is no longer any debate about the importance of AI.

“I think this is going to change every job, every job,” he said.

Its executives spent part of the day discussing what that might look like across banks. Daniel Pinto, JPMorgan’s chief operating officer, said the bank has assigned a value of about $1 billion to $1.5 billion to the AI ​​use cases it has identified in areas of customer service, commercial and operational efficiency and fraud management.

Pinto also said that the full implications of big language models could have a much broader impact on JPMorgan than just these use cases.

“We have 60,000 developers, we have between operations and call centers 80,000 people, which is almost half of the company where this technology will be very, very powerful.”

Mary Erdoes, head of asset and wealth management at JPMorgan, presented the bank’s focus on AI in another way.

This year, she said, “everyone who comes here will get rapid engineering training to prepare them for the AI ​​of the future.”

Dimon offered a number of other views on Monday, including on the bank’s plans to deploy any excess capital.

He categorically stated that share buybacks would not take place. “We are not going to buy back a lot of shares at these prices,” he said, before adding: “We would be more aggressive if the shares fell.”

Dimon also admitted he didn’t like “the idea” of issuing another special dividend after doing so in March and, while acknowledging “there might be opportunities” in mergers and acquisitions , he said: “We are not counting on that.”

As for what the bank plans to do with all of its capital, Dimon said, “It’s going to sit there until we can deploy it with really good returns.”

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