Latest news with #DougPetno
Daily Mail
5 days ago
- Business
- Daily Mail
List of JPMorgan candidates to eventually replace CEO Dimon
JPMorgan Chase is making moves behind the scenes to eventually replace its longtime CEO Jamie Dimon, who is expected to retire within five years. Dimon, 69, indicated in a Monday interview with Fox Business that he intends to step away from America's largest consumer bank in 'several years,' adding that he loves the job. On Tuesday, Bloomberg reported that JPMorgan put Marianne Lake in charge of strategic growth and the firm's international consumer bank. Doug Petno and Troy Rohrbaugh, who together lead JPMorgan's commercial and investment banking operations, are also vying for the top job. What Petno has going for him is his length of service. He's been at the bank for 35 years and has held numerous roles at the company. By comparison, Lake has been at JPMorgan for 25 years, while Rohrbaugh has been there for 20 years. Jenn Piepszak was a real possibility to become CEO several months ago. She effectively took herself out of the running when she accepted the COO job in January. Piepszak replaced former COO Daniel Pinto, who will serve as the company's president until he retires in 2026. Pinto, too, was once considered someone who could step into the CEO role, as he previously assumed those responsibilities when Dimon had to undergo emergency heart surgery in 2020. Mary Erdoes, CEO of asset and wealth management, is considered a dark horse in the leadership race. She has been at the firm for nearly 30 years. JPMorgan could surprise everyone and go with an outside hire, but that is very unlikely. Daily Mail reached out to the bank for comment. In April, the bank's Board of Directors identified potential successors to Dimon and all of them were internal candidates. Dimon himself was an internal hire. In 2000, he became the CEO of Bank One, overseeing that firm's operations until it merged with JPMorgan in 2004. He was first selected to be COO at JPMorgan before being hired as CEO in December 2005. All this jockeying at JPMorgan comes as Dimon made a headline-grabbing appearance Friday at the inaugural Regan National Economic Forum, where he talked with his usual brash candor about today's hot-button political issues. On a panel with CNBC's Morgan Brennan, he sounded the alarm about the ballooning national debt and warned that if the United States doesn't take its role as the world's sole superpower seriously, the US dollar could cease being the world reserve currency. He also advanced the idea that leaders at every level of government are bungling the country's future. 'The amount of mismanagement is extraordinary - by state, by city, for pensions, and that stuff is going to kill us,' he said. All these statements and more got Brennan to ask Dimon whether he'd consider running for office, a question that got many in the audience to gasp. 'What would be the scenario that you would entertain to consider public service?' she asked. Dimon paused for a beat, then said, 'Alright, ready? I'll tell you. If I thought I could really win, which I don't think I could.' That response apparently caught the eye of Jeffrey Sonnenfeld, a professor at the Yale School of Management, who wrote a lengthy article about why Dimon could be a dynamic choice to be the next president. Anthony Scaramucci, a financier who served as White House communications director for 10 days in 2017 before being fired by Trump, posted about Sonnenfeld's Tuesday piece in Fortune Magazine , calling it 'spot on.' Sonnenfeld argued that Dimon is a commanding presence and a sensible moderate who could, if he decided to run as a Democrat, unite a party that is in complete disarray. The conventional wisdom is that the Democrats are largely without a true leader after Vice President Kamala Harris lost to Donald Trump in November. A CNN/Gallup poll released on Sunday seems to bear that out, with just 16 percent of Americans believing the Democratic party has strong leaders. Sonnenfeld also cast Dimon as an unapologetic truth-teller even when it doesn't suit him, writing that this is a 'rare quality found only in the best leaders.' As an example, he pointed to a leaked recording of Dimon at a company town hall , where he launched into a foul-mouthed rant against employees who wanted to continue working from home. Dimon also has a realistic claim to the centrist label, Sonnenfeld wrote, as he criticized both Democrats and Republicans. Although Dimon, a registered Democrat, continues to praise Trump for growing the economy in his first term, he hasn't been shy to slam the president for his Liberation Day tariffs and his decision to establish a strategic bitcoin reserve. In January 2024, he was far more conciliatory, saying, 'Take a step back, be honest. He was kind of right about NATO, kind of right on immigration. He grew the economy quite well. Trade tax reform worked. He was right about some of China.' Back then, he was warning that Democrats' incendiary rhetoric about Trump and MAGA could cost them the upcoming election. Whether or not the Democrats' approach to Trump supporters was the main factor in them losing, the fact is, Trump cruised to a second term relatively handily. Sonnenfeld wrote that Dimon could be the antidote to Trumpism, essentially saying that while Trump plays the role of a titan of industry, Dimon is the real deal. He pointed to Trump's multiple business bankruptcies, despite inheriting nearly half a billion from his father, Fred Trump.
Daily Mail
5 days ago
- Business
- Daily Mail
Succession battle erupts at America's biggest bank as young bucks jostle to replace Jamie Dimon
JPMorgan Chase is making moves behind the scenes to eventually replace its longtime CEO Jamie Dimon, who is expected to retire within five years. Dimon, 69, indicated in a Monday interview with Fox Business that he intends to step away from America's largest consumer bank in 'several years,' adding that he loves the job. On Tuesday, Bloomberg reported that JPMorgan put Marianne Lake in charge of strategic growth and the firm's international consumer bank. Lake, 56, is one of the leading contenders to replace Dimon when the time comes, and her promotion suggests that she may be first in line. Lake took over from Sanoke Viswanathan, 50, who left to become the CEO of data company FactSet. She's now the head of JPMorgan's consumer and community banking division, which serves 84 million customers in the US. Doug Petno and Troy Rohrbaugh, who together lead JPMorgan's commercial and investment banking operations, are also vying for the top job. What Petno has going for him is his length of service. He's been at the bank for 35 years and has held numerous roles at the company. By comparison, Lake has been at JPMorgan for 25 years, while Rohrbaugh has been there for 20 years. Jenn Piepszak was a real possibility to become CEO several months ago. She effectively took herself out of the running when she accepted the COO job in January. Piepszak replaced former COO Daniel Pinto, who will serve as the company's president until he retires in 2026. Pinto, too, was once considered someone who could step into the CEO role, as he previously assumed those responsibilities when Dimon had to undergo emergency heart surgery in 2020. Mary Erdoes, CEO of asset and wealth management, is considered a dark horse in the leadership race. She has been at the firm for nearly 30 years. JPMorgan could surprise everyone and go with an outside hire, but that is very unlikely. Daily Mail reached out to the bank for comment. In April, the bank's Board of Directors identified potential successors to Dimon and all of them were internal candidates. Dimon himself was an internal hire. In 2000, he became the CEO of Bank One, overseeing that firm's operations until it merged with JPMorgan in 2004. He was first selected to be COO at JPMorgan before being hired as CEO in December 2005. All this jockeying at JPMorgan comes as Dimon made a headline-grabbing appearance Friday at the inaugural Regan National Economic Forum, where he talked with his usual brash candor about today's hot-button political issues. On a panel with CNBC's Morgan Brennan, he sounded the alarm about the ballooning national debt and warned that if the United States doesn't take its role as the world's sole superpower seriously, the US dollar could cease being the world reserve currency. He also advanced the idea that leaders at every level of government are bungling the country's future. 'The amount of mismanagement is extraordinary - by state, by city, for pensions, and that stuff is going to kill us,' he said. All these statements and more got Brennan to ask Dimon whether he'd consider running for office, a question that got many in the audience to gasp. 'What would be the scenario that you would entertain to consider public service?' she asked. Dimon paused for a beat, then said, 'Alright, ready? I'll tell you. If I thought I could really win, which I don't think I could.' That response apparently caught the eye of Jeffrey Sonnenfeld, a professor at the Yale School of Management, who wrote a lengthy article about why Dimon could be a dynamic choice to be the next president. Anthony Scaramucci, a financier who served as White House communications director for 10 days in 2017 before being fired by Trump, posted about Sonnenfeld's Tuesday piece in Fortune Magazine, calling it 'spot on.' Sonnenfeld argued that Dimon is a commanding presence and a sensible moderate who could, if he decided to run as a Democrat, unite a party that is in complete disarray. The conventional wisdom is that the Democrats are largely without a true leader after Vice President Kamala Harris lost to Donald Trump in November. A CNN/Gallup poll released on Sunday seems to bear that out, with just 16 percent of Americans believing the Democratic party has strong leaders. Sonnenfeld also cast Dimon as an unapologetic truth-teller even when it doesn't suit him, writing that this is a 'rare quality found only in the best leaders.' As an example, he pointed to a leaked recording of Dimon at a company town hall, where he launched into a foul-mouthed rant against employees who wanted to continue working from home. Dimon also has a realistic claim to the centrist label, Sonnenfeld wrote, as he criticized both Democrats and Republicans. Although Dimon, a registered Democrat, continues to praise Trump for growing the economy in his first term, he hasn't been shy to slam the president for his Liberation Day tariffs and his decision to establish a strategic bitcoin reserve. In January 2024, he was far more conciliatory, saying, 'Take a step back, be honest. He was kind of right about NATO, kind of right on immigration. He grew the economy quite well. Trade tax reform worked. He was right about some of China.' Back then, he was warning that Democrats' incendiary rhetoric about Trump and MAGA could cost them the upcoming election. Whether or not the Democrats' approach to Trump supporters was the main factor in them losing, the fact is, Trump cruised to a second term relatively handily. Sonnenfeld wrote that Dimon could be the antidote to Trumpism, essentially saying that while Trump plays the role of a titan of industry, Dimon is the real deal. He pointed to Trump's multiple business bankruptcies, despite inheriting nearly half a billion from his father, Fred Trump. Meanwhile, JPMorgan stock has risen nearly 1,100 percent since Dimon became CEO. Adding to Dimon's potential as a leading political figure, he is not accustomed to having someone telling him what to do, very much like Trump. When speculation bubbled up last year that both the Harris and Trump campaigns were considering Dimon as Treasury Secretary, he had this to say: 'I've not had a boss in 25 years and I am not ready to start now.'
Zawya
26-05-2025
- Business
- Zawya
JP Morgan sees trade war hurting Q2: IFR
JP Morgan is expecting volatility from the trade war unleased in April to drag down investment banking revenues in the second quarter but to boost trading. Investment banking fees in the April–June quarter are on track to be down 'mid-teens [percent] – plus or minus' compared with a year earlier, depending on how the remainder of the quarter plays out, said Troy Rohrbaugh, co-CEO for the commercial and investment bank. That's a very different outcome than most expected coming into 2025, when investors and bankers foresaw investment banking fees surging throughout the year. 'Clients entered the year very bullish, expecting a pro-growth, pro-business, deregulatory environment, maybe some more big M&A,' said CIB co-CEO Doug Petno, also speaking at the bank's annual investor day. 'When they started to see some flashing yellows, flagging red signs, and a slowdown in the economy, many tapped the brake." Petno added: 'And then with the events of April, everybody put everything on hold. The typical client's got their foot on the brake at the moment.' He said almost every input variable in capital budget or valuing a company, interest rates, discount rates, currencies and taxes had yet to be determined. 'All those puzzle pieces have to come together,' Petno said. So, the typical client is taking a wait-and-see attitude. And while US president Donald Trump's tariff policy may have ratcheted up uncertainty, tariffs were only one part of it, he said. The US Federal Reserve as well as other central banks had been trying to engineer a soft landing for the last couple of years. A bigger part of the uncertainty was what kind of landing there would be in the US and globally, Petno said. The uncertainty that has cast a pall over investment banking is boosting trading revenues, however. Trading markets have been performing at peak levels for years now and rather than reverting to pre-Covid levels, Rohrbaugh expects current levels may be the new normal. He said the bank's markets group had a strong start to the quarter, but trading has cooled as volatility has moderated. JP Morgan's trading revenue should be up 'in the mid- to high single digits' percent year-on-year, Rohrbaugh said. 'Keep in mind for both markets and investment banking, we're operating in a very uncertain market, which makes forecasting difficult,' he said. Deutsche too Deutsche Bank offered a similar view. Chief executive Christian Sewing told shareholders at its annual general meeting on Thursday that clients were still 'holding back' on mergers and acquisitions and IPOs 'given the current uncertainty', but the bank had done well during early April's market turmoil. "The second quarter started with a jolt. We have come through this phase of sometimes extreme volatility well, although it remains to be seen how the tariff threat and market events will affect client behaviour,' Sewing said. Sewing and JP Morgan CEO Jamie Dimon also both flagged that European banks could benefit from the fallout from the tariff and trade war. Dimon said JP Morgan lost business as non-US clients took a nationalistic stance. 'Not that the clients were mad at us,' he said, but in some cases where there was a choice to use a national bank, some clients made that choice. Dimon did not name names but suggested those clients were on both sides of the Atlantic, in Canada and Europe. 'I do expect there'll be some of that if this trade war gets worse,' he said. 'But it's not going to change our plans.' Sewing said the US policy uncertainty could prove beneficial to Europe in the long run. 'The United States is putting both Europe's established security framework and the idea of free trade into question. More than ever Europe is needed as an engine for free trade,' he said. "The demand for a European alternative to US banks is growing,' Sewing said, calling 2025 'a year of reckoning' for the bank. Four more years Dimon said he expects to retire within four years. A year ago, he said the timetable for his retirement was less than five years. For years previously, he had said he would stay in the CEO role 'five more years.' Dimon, 69, has been CEO of JP Morgan for 19 years. 'Obviously it's up to the board,' he said. 'If I'm here for four more years or two or three, that's a long time." Dimon said the most important thing is that once he does step down, the strong teams he has in place across the sprawling bank will continue building on his success, regardless of who the new CEO is.
